On January 1. a company issues bonds dated January 1 with a par value of $620,000. The bonds mature in 3 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31 The bonds are sold for $596,000 The Joumal entry to record the first interest payment using straight-line amortization is: Multiple Choice Debit interest Payable $21700, credit Cash $21700 Debt interest Expense $20700, credit can $2000, Debt interest tense $25700; credit Discount on Bonds Payable $4.000 credit Cash $21700, Debit interest Expert $12,00debe Oscount on Bonds Payable $4.000 cred Canh $21700 Debit turent Experie $21700, credt Premium en Bonen Payabile 54.000 crede Can so