On 9/1/18 Toddler Relapse Corp. issues $70,000, 10-year bonds (dated 9/1/18) with a stated rate of 5% payable semiannually every 3/1 and 9/1 (with the first payment occurring 3/1/19). The market rate of interest for these bonds is 7%, and the proceeds from the bond issuance equals $60,051. Toddler Relapse issues financial statements annually each 12/31. How much interest expense should be recorded for these bonds on 3/1/19, the date of the first interest payment? Exclude any decimals or commas from your answer.