New West issued $5,000,000 par value, 12%, 5 year bonds on January 1, 2020. Interest is to be paid semiannually on June 30 and December 31. The bonds were sold for $4,648,580 when the market rate was 14%. The company uses the effective interest method for amortization. What is the following is true on June 30, 2020? Interest Expense is debited for $300,000 Interest Expense is debited for $325,400. Bond Payable is credited for $300,000 Bond Payable is credited for $325,400