At the beginning of its current fiscal year, Blue Jay Co. issued 1,000 of its 30-year, $1,000 face amount, 8% bonds. The market rate for similar securities is 7%, interest is paid annually, and the bonds were sold for $1,123,720. Assuming Blue Jay uses the interest method, the approximate bond interest expense for the current year is

A:$80,000

B:$78,660

C:$1,340

D:$89,898