Sandridge Company issued five-year 8% bonds with a face value of $50,000, for $53,512 on January 1, Yr1 when the market (effective) rate of interest was 7%. The bonds pay annual interest each December 31. Sandridge uses the effective interest method for amortization of premium on bonds payable. (Round your answers to the nearest dollar and show your work!!!) 17.) What amount of interest expense and premium amortization should Sandridge recognize for Yr1? What is the carrying amount of the liability on December 31, Yr1? Round to the nearest dollar in your answer and show your work