A company issued 8%. 15-year bonds with a par value of $500,000 that pay interest semi-annually. The current market rate is 8%. The Journal entry to record each semiannual interest payment is: Debit Bond Interest Expense $20,000; credit Cash $20,000. Debit Bond Interest Expense $40,000; credit Cash $40,000. Debit Bond Interest Expense $33, 333; credit Cash $33, 333. Debit Bond Interest Expense $450,000; credit Cash $450,000. No entry is needed, since no interest is paid until the bond is due