A company issued 8%, 15-year bonds with a par value of $530,000 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 $21,200; credit Cash $21,200. Debit Bond Interest Expense $42,400; credit Cash $42,400. Debit Bond Interest Expense $35,333; credit Cash $35,333. Debit Bond Interest Expense $480,000; credit Cash $480,000. No entry is needed, since no interest is paid until the bond is due.