A company issued 8%. 15-year bonds with a par value of $550.000 that pay interest semanally. The matte on the date of Issuance was 8x. The journal entry to record each semiannual interest payment is: Debit Band Interest Expense $44,000, credit Cash 544,000. Debit Bond Interest Payable $22.000, credit Cash $22.000 Debit Bond Interest Expense $22,000; credit Cash $22,000. Debit Bond Interest Expense $550.000; credit Cash $550,000 No entry is needed, since no interest is paid until the bond is due