On January 1, the Kings Corporation issued 10% bonds with a face value of $94,000. The bonds are sold for $92,120. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, ten years from now. Kings records straight-line amortization of the bond discount. Determine the bond interest expense for the year ended December 31 of the first year is.

Select the correct answer.

$9,212

$9,400

$1,880

$9,588