Johnson Company issued bonds with a $100,000 face value on January 1, 2008.

Johnson Company issued bonds with a $100,000 face value on January 1, 2008. The five-year term bonds were issued at 98 and had a 7% stated rate of interest that is payable in cash on December 31st of each year. Based on this information: the amount of interest expense show on the dec 31 2008 income statement would be?