On January 1,2024 , Entity J issued $2,000,000 of 4% bonds with a five-year term. Interest is payable annually on January 1 . The market interest rate was 6%. The issue orice was $1,831,509. Entity J uses the effective interest method for amortization of bond discount or premium. What is the interest expense for the first year? Round to the nearest dollar if necessary. 120,000 $80,000 $29,891 $109,891