$60,000, 5-year bond, with the 10% stated rate of interest are issued at $55,584 on January 1, 2021. Interest payments are made semi-annually on June 30 and December 31. How much interest expense would be recognized on the first interest payment date? Assume straight-line amortization is used. Round your answer to the nearest dollar.

(Hint: Inamorization problems, you deal with 3 main variables: (1) interest expense, (2) amortization amount, and (3) cash interest payment. The type of amortization influences how the amortization amount and interest expense is calculated. The cash interest payment amount is always determined by the bond terms (and therefore is not affected by the amortization method). interest expense under straight-line= Cash Intrest payments plus or minus the amortized amount)