A company issued $8\%,15-$year bonds with a par value of $$470,000$ that pay interest semiannually. The market rate on the date of issuance was $8\%.$ The journal entry to record each semiannual interest payment is:

Multiple Choice

Debit Bond Interest Expense $$420,000$; credit Cash $$420,000.$

Debit Bond Interest Payable $$31,333$; credit Cash $$31,333.$

Debit Bond Interest Expense $$18,800$; credit Cash $$18,800.$

Debit Bond Interest Expense $$37,600$; credit Cash $$37,600.$

No entry is needed, since no interest is paid until the bond is due.