A company issued 5-year, 7% bonds with a par value of $900,000. The market rate when the bonds were issued was 6.5%. The company received $918,950 cash for the bonds. Using the straight-line method, the amount of recorded interest expense for the first semiannual interest period is: Multiple Choice $63,000.00. $31,500.00. $32,708.62. $59,728.62. $29,605.00