On January 2, 20XX, Ming Corporation issued $200,000, 10%, 10-year bonds for $160,000. The bonds pay interest each December 31. Ming Corporation uses the straight-line method to amortize premium or discount. On December 31, 20XX, Ming Corporation would record a: A. credit to Cash for $16,000. B. debit to Interest Expense for $24,000. C. debit to Interest Expense for $16,000. D. credit Premium on Bonds Payable for $4,000.