On July 1, 2020, Freedom Company issued 500 of its 12% $1000 bonds for $562,300. The market rate when the bonds were issued was 10%. The bonds are dated July 1, 2020. The bonds mature in 10 years. Interest is payable semiannually on January 1 and July 1. Using the effective interest method, how much interest expense would be reported on the income statement for the year ended December 31, 2021 due to the bonds. (round answer to whole dollars) Answer: Next page