A company issued 5-year, 9.50% bonds with a par value of $105,000. The market rate when the bonds were issued was 900%, The company received $107,210 cash for the bonds. Using the effective interest method, the amount of recorded interest expense for the first semiannual interest period is: Multiple Choice $4,987.50. $9,975.00 $4,824.45. $9,585.98. $2,493.75