OR Knowledge Check 01 Crawford Corporation issues $100,000 of 7% bonds on January 1, Year 1. The bonds have a six-year term and pay interest semiannually on June 30 and December 31 each year. Assuming a market interest rate of 6%, what is interest expense on the bonds on December 31 Year 1? onces $2,408 O $3,139 $3,500 $7,000