On January 1, 2021, Blossom Ltd. issued $520,000 of 5%, 5-year bonds. The bonds were issued to yield a market interest rate of 6%. Blossom's year end is December 31. On January 1, 2023 immediately after making and recording the semi-annual interest payment, Blossom redeemed the bonds. A partial bond amortization schedule is presented below. July 1, 2021 July 1, 2022 Semi-Annual Interest Period Jan. 1, Jan. 1, Jan. 1, 2021 2022 2023 Interest Payment 13,000 13,000 13,000 13,000 Interest Expense $14,935 14,993 15,052 15,114 Amortization $1,935 1,993 2,052 2,114 Bond Amortized Cost $497,821 499,756 501,749 503,801 505,915