On January 1, 2016, a corporation issued an undisclosed amount of 7-year, 10% bonds. The interest is payable semi-annually on June 30 and December 31. The issue price was $519,436 based on a 8% market interest rate. Assuming the effective-interest method of amortization is used, and rounding all calculations to the nearest whole dollar, what is the interest expense for the six-month period ending June 30, 2016? $25,972 $20,777. $51,944. $41,555