Levi Company issued $70,000 of 8% bonds on January 1 of the current year at face value. The bonds pay interest semiannually on January 1 and July 1. The bonds are dated January 1 and mature in 5 years on January 1 . The total interest expense related to these bonds for the current year ending on December 31 is 1. 52,500 b. 55,600 c. 546? d. 54,200