Auerbach Inc. issued 6% bonds on October 1, 2018. The bonds have a maturity date of September 30, 2028 and a face value of $300 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2019. The effective interest rate established by the market was 8%. Assuming that Auerbach issued the bonds for $259,229,970, what interest expense would it recognize in its 2018 income statement?

A)$0

B)$5,184,599

C)$10,369,199

D)$6,000,000