On January 1, $974,000, 5-year, 10% bonds, were issued for $944,780. Interest is paid semiannually on January 1 and July 1. If the issuing corporation uses the straight-line method to amortize discount on bonds payable, what is the semiannual amortization amount? Select the correct answer. $48,700 $5,844 $2,922 $29,220