Question 38 (4 points) Use the following information for items 37, 38 and 39. On January 1, 2020, Peace Hall Corporation issued $1,000,000 of 10-year, 6% bonds for $980,000. These bonds pay interest semi-annually on June 30 and December 31. What is the journal entry to record the following transactions? First semi-annual interest payment on June 30 along with the amortization of the bond discount or premium using the straight-line method. Debit: Interest Expense, 31,000; Credit: Discount on Bonds Payable, 1,000 and Cash 30,000 Credit: Premium on Bonds Payable, 1,000 Debit: Interest Expense, 31,000; and Cash, 30,000 Debit: Interest Expense, 29,000 and Premium on Bonds Payable, 1,000: Credit: Cash, 30,000 Debit: Interest Expense, 30,000: Credit: Cash, 30,000