On January 1, Year 1, Denver Company issued bonds with a face value of $63,000, a stated rate of interest of 8%, and a 5 -year term to maturity. The bonds were sold at 102.5. Denver uses the straight-line method to amortize bond discounts and premiums. What is the amount of interest expense during Year t? Multiple Choice 55,040 $4,725 55,355 $5,766