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 Debit Dond Interest Expense 518,900, credit Cath $18,900 Debit Bond Interest Expense $37,800 credit Cash $37,800 Detit Bond Interest Payable $36,000 credit Cash 536,000 On January 1, Parson Freight Company issues 8.0%, 10-year bonds with a par value of $4,200,000. The bonds pay interest semiannually. The market rate of interest is 9.0% and the bond selling price was $3.914,607. The bond issuance should be recorded as Multiple Choice Debit Cash $4,200,000: credit Bonds Payable $4,200,000 Debit Cash $3.914,607, credit Bonds Payable $3.914,607 Debit Cash $4,200.000, credit Bonds Payable $3.914 607, credit Discount on Bonds Payable $285.393