On January 1, a company issues bonds dated January 1 with a par value of $370,000. The bonds mature in 5 years. The contract rate is 1 and interest is paid semiannually on June 30 and December 31. The market rate is 10% and the bonds are sold for $384.280. The journal entry to record the issuance of the bond is Multiple Choice Debit Cash $384 280, credit Premium on Bonds Payable 514,280 credit Bonds Payable $370.000 Debit Bonds Payable $370.000; debit Bond interest Expense $14.280; credit Cash $384.280. Debit Cash $384.280 credit Discount on Bonds Payable $14,280; credit Bonds Payable $370,000 Debit Cash $384.290, credit Bonds Payable $384.280 Debit Cash $370,000. debit Premium on Bonds Payable $14,280; Credit Bonds Payable $384.280