On January 1, Elias Corporation issued 9% bonds with a face value of $63,000. The bonds are sold for $61,110. 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