On January 1, a company issues $2,000,000, 5-year, 12% bonds at 96 with interest payable annually on January 1. The year-end adjusting entry to record accrued bond interest and the amortization of bond discount using the straight-line method will include a Group of answer choices debit to Interest Expense, $240,000. credit to Discount on Bonds Payable, $8,000. credit to Bonds Payable for $200,000. debit to Interest Expense, $120,000. credit to Discount on Bonds Payable, $16,000.