A company issued 8%, 15-year bonds with a par value of $610,000 that pay interest semiannually. The market rate on the date of issuance was 8%. The journal entry to record each semiannual interest payment is: Multiple Choice No entry is needed, since no interest is paid until the bond is due. Debit Bond Interest Payable $40,667; credit Cash $40,667. Debit Bond Interest Expense $48,800, credit Cash $48,800. Debit Bond Interest Expense $24,400; credit Cash $24,400. Debit Bond Interest Expense $560,000: credit Cash $560,000