Question completion Status: QUESTION 1 2.6 points On January 1, a company issues bonds dated January 1 with a par value of $400,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is and the bands are sold for $293.793. The Journal entry to record the first interest payment using straight line amortization is Debit interest Expense 512.379.30: debit Discount on Bonds Payable $1.620.70: credit Cash $14,000.00 Debit interest Expense $15.620.70: credit Discount on Bonds Payable $1.620.70: credit cash $14.000.00 Debit interest Expense $15.620.70, credit Premium on Bonds Payable $1,620.70: credit Cash S14,000.00 Debit interest Expense $14,000.00: credit cash $14.000.00. Debit interest Payable $14,000.00: credit Cash $14.000.00