On january 1, year 1, weller company issued bonds with a $260,000 face value, a stated rate of interest of 10.00%, and a 10-year term to maturity. weller uses the effective interest method to amortize bond discounts and premiums. the market rate of interest on the date of issuance was 8.00%. interest is paid annually on december 31. assuming weller issued the bond for $280,640, what is the amount of interest expense that will be recognized during year 3