The Designer Company issued 10-year bonds on January 1. The 8% bonds have a face value of $719,000 and pay interest every January 1 and July 1. The bonds were sold for $597,568 based on the market interest rate of 9%. Designer uses the effective-interest method to amortize bond discounts and premiums. What amount of interest expense should Designer record on July 1 of the first year (rounded to the nearest dollar)? Select the correct answer. $23,903 $26,891 $28,760 $32,355