A company issued 7%, 15-year bonds with a par value of $600,000 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 points (2 01:46:13 0 O Debit Bond Interest Expense $21,000; credit Cash $21,000. 0 C) Debit Bond Interest Expense $550,000, credit Cash $550,000. 0 ) Debit Bond Interest Expense $42,000 credit Cash $42,000, 0 Debit Bond Interest Payable $40,000; credit Cash $40,000. 0 C) No entry is needed, since no interest is paid until the bond is due