On January 1, 2016, Stone Corporation sold a 10-year, $1,000,000, 8% bond. The interest is payable annually each December 31. The issue price was $1,070,000 based on a 7% market rate. Assuming effective-interest amortization is used, the interest expense on the 2017 income statement would be (to the nearest dollar) 0 $ 74,543 0 $ 74,900 0 $ 80,000 0$ 89,600