XYZ Corporation issues $1,000,000 of face value bonds that mature in 20 years at a discount on January 1, 2021. XYZ received a total of $960,000 on January 1, 2021. The contractual interest rate for the bonds is 6% and the market rate of interest at the date of issue is 7%. Using the straight-line method, what is the total amount of interest expense, including amortization of the discount, that XYZ should recognize on December 31, 2021 when XYZ accrues the interest on the bonds for 2021? O $62,000. $60,000 $70,000. $58,000