On January 1, the Simpson Corporation issued 10% bonds with…

On January 1, the Simpson Corporation issued 10% bonds with a face value of $50,000.  The bonds are sold for $46,000.  The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, ten years from now.  Elias records straight-line amortization of the bond discount.  The bond interest expense for the year ended December 31 of the first year is