A company issued 7%, 15-year bonds with a par value of $480,000 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 $16,800; credit Cash $16,800. Debit Bond Interest Expense $33,600; credit Cash $33,600. Debit Bond Interest Payable $32,000; credit Cash $32,000. Debit Bond Interest Expense $430,000; credit Cash $430,000. No entry is needed, since no interest is paid until the bond is due