On January 1, 2020, the Baker Corporation issued 10% bonds with a face value of $50,000. The bonds are sold for $54,000. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, 2029. Baker records straight-line amortization of the bond premium. The bond interest expense for the year ended December 31, 2020, is

$2,500

$2,700

$4,600

$5,000