On January 1, Melrose Manufacturing issues a 5-year bond with a face value of $10,000 and a stated interest rate of 8% The market interest rate is 6%. The issue price of the bond was $10,996. Using the effective-interest method of amortization the Interest expense for the first year ended December 31 would be Multiple Choice $600.00 $800.00 $87968 $659,76