January 1, 2019 a company issued $74,000 of 5 year 8% bonds when the market interest rate was 12%. The issue price of both bonds was $62,000. they use the Effective interest method of amortization for bond discount. semiannual interest payments are made on 6/30 and 12/31 of each year. How much interest expense will be recorded when the first interest payment is made