A company issued 9%, 15-year bonds with a par value of $590,000 that pay interest semiannually. The market rate on the date of issuance was 9%. 66 The journal entry to record each semiannual interest payment is: Multiple Choice Skipped Debit Bond Interest Expense $53,100; credit Cash $53,100. No entry is needed, since no interest is paid until the bond is due Debit Bond Interest Expense $26,550; credit Cash $26,550. Debit Bond Interest Payable $39,333; credit Cash $39,333. Debit Bond Interest Expense $540,000; credit Cash $540,000