A company issued 8%, 15-year bonds with a par value of $580,000 that pay interest semannualy. The market rate on the date of issuance was 8%. The journal entry to record each semiannual interest payment is: Multiple Choice Debit Bond Interest Expense $23,200, credit Cash $23,200 ces Debit Bond interest Expense $46,400; credit Cash $46,400 Debit Bond Interest Payable $38,667, credit Cash $38,667 Debit Bond Interest Expense $530,000; credit Cash $530,000 No entry is needed, since no interest is paid until the bond is due