A company issued 9%. 15-year bonds with a par value of $620,000 that pay interest semi-annually. The current market rate is 9%. The journal entry to record each semiannual interest payment is: Debit Bond interest Expense $27, 900: credit Cash $27, 900. Debit Bond interest Expense $55, 800; credit Cash $55, 800. Debit Bond interest Expense $41, 333; credit Cash $41, 333 Debit Bond interest Expense $570,000. credit Cash $570,000 No entry is needed, since no interest is paid until the bond is due