Manning Corporation Sells $100,000,12%,10-Year Bonds for 98 on January 1 $$\begin{array} { | r | l | } \hline \text { Cash } & 100,000 \\\hline \text { Bonds Payable } & 100,000 \\\hline\end{array}$$

Manning Corporation sells $100,000,12%,10-year bonds for 98 on January 1.Interest is paid on January 1 and July 1.Straight-line amortization is used.The entry to record the issuance of the bonds on January 1 is:

A)
$$\begin{array} { | r | l | } \hline \text { Cash } & 100,000 \\\hline \text { Bonds Payable } & 100,000 \\\hline\end{array}$$
B)
$$\begin{array} { | c | r | } \hline cash { } & 100,000 \\\hline \text { Discount on Bonds Payable } & 2,000 \\\hline \text { Bonds Payable } & 98,000 \\\hline\end{array}$$
C)
$$\begin{array} { | c | c | } \hline \text { Cash } & 98,000 \\\hline \text { Bonds Payable } & 98,000\\\hline\end{array}$$
D)
$$\begin{array} { | c | c | } \hline \text { Cash } & 98,000 \\\hline \text { Discount on Bonds Pay. } & 2,000 \\\hline \text { Bonds Payable } & 100,000\\\hline\end{array}$$