A company issued 11%, 5-year bonds with a par value of $105,000. The market rate when the bonds were issued was 12%. The company received $101,137 cash for the bonds. Using the effective interest method, the amount of interest expense for the first semiannual interest period is: 3 Multiple Choice $6,300.00. $11,550.00. $5,775.00 $6,068.22 $12,136.44