Response to the following problem:
On September 1, 20X1, Step up Hospital issued $4,000 (face value) of five-year, 4.8 percent bonds at 94.5 percent and accrued interest. Interest is payable semiannually on April 1 and October 1, and the bonds mature on April 1, 20X6.
Required: What is the 20X1 bond interest expense?