On January 1, 2019, P&G. issued 10-year bonds with a par value of $100,000 and bearing a coupon rate of 8% per annum. The coupon is payable semi-annually on June 30 and December 31 of each year. The market interest rate is 10% per annum at the time of the issue. Determine the total interest expense that P&G would recognize in its income statement for the fiscal year ending 12/31/2019.