Gomez Corporation issues 500, 10-year, 8%, $1,000 bonds dated January 1, 2010, at 96. The journal entry to record the issuance will show a:
a) credit to Discount on Bonds Payable for $20,000.
b) debit to Cash of $500,000.
c) credit to Bonds Payable for $480,000.
d) debit to Cash for $480,000.