Hermosa Vista Company issued $120,000 5-year, 7.50% bonds and received $122,460 in cash. The market rate of interest when the bonds were issued was 7.00%. What is the amount of interest expense to be recorded for the first annual interest period if the company uses simplified effective-interest amortization? Multiple Choice $9,184.50 $8,400.00 $9,000.00 $8,572.20