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 118, and interest is paid semiannually on June 30 and December 31 . The market rate is 12% and the bonds are sold for $356,386. The joumal entry to record the issuance of the bond is: Multiple Choice Debit Cash $356,386, debit Premium on Bonds Payable $13,614; credit Bends Payable $370,000 Debit Bonds Payable $370,000, debit Bond Interest Expense $13.614 credit Cash $383,614. Debt Cash 5356,386 , debit Discount on Bonds Payable \$13,614: creda Bonds Payable $370.000 Debit Cash $370,000; credit Dicount on Bonds Payable \$13,614; credt Bonds Payable $356,386