A company issued 4%, 15-year bonds with a par value of $300,000 that pay interest annually. The market rate on the date of issuance was 8%. The journal entry to record each annual interest payment is: O Debit Bond Interest Expense 512.000, creat Cash $12.000 C Debt Bond Interest Payable $2,000, credit Cash $2,000 No entry is needed, since no interest is paid until the bond is due O Debil Bond leterest Expense 36 000, creat Cash 50 000 4