Mackenzie Inc. issued 10-year $500,000 bonds on January 1, 2017. The bonds pay interest annually. Mackenzie Inc. uses the effective interest rate method to amortize bond premiums and discounts. The bonds were issued with a 4% interest rate when the market interest rate was 3%. The journal entry recorded for the first interest payment on December 31, 2017 (the first interest payment) included a debit to interest expense for? $16,280 $18,707 $21,707 $19,209 $18,378