On January 1, Elias Corporation issued 8% bonds with a face value of $52,000. The bonds are sold for $50,440. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, 10 years from now. Elias records straight-line amortization of the bond discount. The bond interest expense for the year ended December 31 of the first year is a $1,560 b. $4,160 c. $347 d. $4,316