On January 1, a company issues bonds dated January 1 with a par value of $410,000. The bonds mature in 5 years. The contract rate is 17% and interest is paid semiannually on June 30 and December 31. The market rate is 12% and the bonds are sold for $394.914. The Journal entry to record the first interest payment using the effective interest method of amortization is: Multiple Choice Debit Interest Expense $23,695, credit Discount on Bonds Payable $1.445, credit Cash $22550 Debit Interest Expense $21.405, debit Discount on Bonds Payable $1,145, credit Cosh $22,550 Debit Interest Payable $22550: credit Cash $22,550. Multiple Choice Debit Interest Expense $23,695, credit Discount on Bonds Payable $1,145, credit Cash $22,550 Debit Interest Expense $21.405; debit Discount on Bonds Payable $1,145; credit Cash $22,550. Deblt Interest Payable $22,550, credit Cash $22,550, Debrt Interest Expense $23.695, credit Premium on Bonds Payable $1145; credit Cash $22.550 Debit Interest Expense S21.405; debit Premium on Bonds Payable $1145, credit Cash $22.550