Legacy issues $580,000 of 8.0%, four-year bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. They are issued at $507,959 and their market rate is 12% at the issue date.

2. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. (Do not round intermediate calculations.) Total bond interest expense over life of bonds: Amount repaid payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense