Shelton Company issued 5-year, 7% bonds with a par value of $200,000. The market rate when the bonds were issued was 6.6%. The company received $202,000 cash for the bonds. Using the straight-line method, the amount of recorded interest expense for the first semiannual interest period is: Multiple Choice $7,200 $6,800 $13,800 $7,000 $14,000