1 A company issued 7%, 15-year bonds with a par value of $510,000 that pay interest semiannually. The market rate on the date of issuance was 7%. The journal entry to record each semiannual interest payment is: Multiple Choice Debit Bond Interest Expense $17,850, credit Cash $17,850 Debit Bond Interest Expense $35,700: credit Cash $35,700 Debit Bond Interest Payable $34,000, credit Cash $34,000