Dodger Company issued five-year 8% bonds with a face value of $50,000, for $53,512 on January 1, Year 1 when the market/effective rate of interest was 7%. The bonds pay annual interest each December 31. Dodger uses the effective interest method for amortization of premium on bonds payable. Please round your answers to the nearest dollar.

A) What is the total amount of interest that Dodger will record in interest expense over the life of the bond? No amoritization schedule is needed to answer this.

B) What is the annual amount of cash that Dodger will pay out for interest?