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A company issued 7%, 15-year bonds with a par value of $540,000 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 No entry is needed, since no interest is paid until the bond is due Debit Bond Interest Expense $18,900. Credit Cash $18.900 Debit Bond Interest Expense $490,000, credit Cash $490,000 Debit Bond Interest Expense $37,800, Credit Cash $37800 Dobit Bond Interest Payable $36.000, credit Cash $36,000