A Discount on Bonds Payable Is Best Described As

A discount on bonds payable is best described as:

A) An element of future interest expense.
B) A bonus paid by the bondholders to the issuing corporation because of the unusually high interest rate stated in the bonds.
C) The present value of the future interest payments of bond interest and principal.
D) An amount below par that the bondholders may be called upon to make good.