company issued 7%, 15-year bonds with a par value of $570,000 that pay interest semiannually. The market rate on the date of issuance was 7%. The journal entry to record each semiannual interest payment is Multiple Choice Debit Bond Interest Expense $19,950, credit Cash $19,950 Debit Bond Interest Expense $39,900; credit Cash $39,900. Debit Bond Interest Payable $38,000; credit Cash $38,000