Designer Company issued 10-year bonds on January 1 . The 10% bonds have a face value of $99,000 and pay interest every January 1 and July 1 . The bonds were sold for $119,405 based on the m arket interest rate of 8%. Designer uses the effective interest method to amortize bond discounts and premiums. On July 1 of the first year, Designer should record an interest expense (round to the nearest dollar) of . $5,970 ob. $4,950 C. $3,960 od. $4,776