This is first-year university accounting, please answer quickly.

Question 111 point Barney Inc has a December 31 fiscal year. On February 1, year 1, Barney Inc. issued bonds that pay interest on July 31 and January 31 The bonds were issued for $120000. The bonds have a face value of $ 87000. The bonds pay interest at an anal interest rate of 8%. The annual market rate on the bonds at the time they were issued was 5%. The current annual market rate on bonds is 10%. Calculate Interest expense on the bonds for the year ended December 31, year 1 Round your answer to the nearest dollar. Please note that you do not require present value tables to answer this question so their omission is deliberate.) Your