A company issued 9%, 2year bonds with a par value of $100,000. The market rate when the bonds issued was 9.5% The company received $90, 300 cash for the bonds. Using the effective interest method, the amount of interest expense for the first period is (rounded): $8, 578.50. $2,000.00 $4, 289 25. $4, 500,00 $4, 814, 25