The below information will be used for the next two questions. A Company issued a bond payable with detachable warrants on January 1, 20X1 as follows. Bond payable ($1,000 par value; 400 bonds) Coupon rate Bond issue price Fair value of the bonds after issuance Term Number of detachable warrants per bond Fair value of the warrants after issuance Stock purchase price $400,000 4.70% $414,000 $390.000 10 years 50 $2.00 $15.00 5.000 Warrants exercised 1 warrant 1 share of $1 par value stock Assuming the warrants are exercised on June 30. 20X1. what is interest expense in 20X1