On May I, a company sells 9% bonds with a $500,000 par value that pay semiannual interest on each January I and July I.The bonds are sold at par plus interest accrued since January i. The issuer records the first semiannual interest payment on July I with

(a) a debit to Interest Payable for $15,000,

(b) a debit to Bond Interest Expense for $22,500, or

(c) a credit to Interest Payable for $7,500. poi4