33 4 pts On January 1, 2019, $50,000 of 20-year, 6 percent bonds were issued for $56,275.20 when the market rate was 5%. Interest payment dates on the bonds are January 1 and July 1. When using the effective interest amortization method, the amount of interest expense recorded on July 1, 2019 is closest to? $93 $703 $750 $1,500 $1,407