Question: Question 6 On January 1, a company issues bonds dated January 1 with a par value of $300,000. The bonds mature in 5 years. The

Question 6 On January 1, a company issues bonds dated January 1 with a par value of $300,000. The bonds mature in 5 years. The contracts and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $312.177. The journal entry to record the issuance of the bond is: O Debit Cash $300,000; debit Premium on Bonds Payable $12,177, credit Bonds Payable $312.177. Debit Cash $312.177: credit Premium on Bonds Payable $12.177: credit Bonds Payable $300,000 Debit Cash $312.177: credit Bonds Payable $312,177. Debit Bonds Payable $300,000; debit Bond Interest Expense $12,177; credit Cash $312.177. Debit Cash $312.177: credit Discount on Bonds Payable $12.177: credit Bonds Payable $300.000

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