On January 1, 2013, Hector Incorporated Issued bonds with a face value of $120,000, a stated rate of interest of 8% and a five-year term to maturity. Interest is payable in cash on December 31 of each year. The effective rate of interest was 7% at the time the bonds were issued. The bonds sold for $124,920. Hector used the effective interest rate method to amortize premium Based on this Information the amount of Interest expense recognized In Year 1 was (Round answer to the nearest whole dollar.) Click the answer you think is right $8,400 $9,994 $8,744 $9,600 Road about thi Do you know the answer? lknow t Think so No idea