The Designer Company issued 10-year bonds on January 1. The 6% bonds have a face value of $716,000 and pay interest every January 1 and July 1. The bonds were sold for $595,075 based on the market interest rate of 7%. Designer uses the effective interest method to amortize bond discounts and premiums. On July 1 of the first year, Designer should record interest expense (round to the nearest dollar) of:
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