Mclenman Corporation issued $500,000 of 10%, 20-year bonds payable on January 1, 2019. The market interest rate when the bonds were issued was 11% Interest is paid semiannually on January 1 and July 1 The first interest payment is July 1, 2019. Using the effective interest amortization method, how much interest expense will Mclenman record on July 1, 2019? Use Excel to calculate the issue price (Round intermediary calculations to the nearest whole dollar) O A. $294 OB. $25,000 OC. $25 294 OD. $22.994 OE. 527,500