Q2 (1 point) Barney Inc. has a December 31 fiscal year. On February 1, year 1, Barney Inc. issued bonds that pay interest on July 31 and January 31 . The bonds were issued for $108000. The bonds have a face value of $87000. The bonds pay interest at an annual interest rate of 8%. The annual market rate on the bonds at the time they were issued was 4%. The current annual market rate on bonds is 8%. Calculate interest expense on the bonds for the year ended December 31 , year1. Round your answer to the nearest dollar. (Please note that you do not require present value tables to answer this question so their omission is deliberate.)