Ranier Company issues $10,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 20X1. Interest is paid on June 30 and December 31. The proceeds from the bonds are $9,802,072. Using effective-interest amortization, how much interest expense will be recognized in 20X1 and how much interest paid will be paid in 20X1?

options:

	$780,000 Interest Expense; $800,000 Interest Paid
	$784,166 Interest Expense; $800,000 Interest Paid
	$784,249 Interest Expense; $800,000 Interest Paid
	$784,249 Interest Expense; $780,000 Interest Paid