Late 2012 iMAC sound stopped working after Catalina update

I just updated my late 2012 iMAC with the latest Catalina version and my sound stopped working. I do not see an internal output device in the Sound settings. The startup sound does work however.

Model Name: iMac

  Model Identifier: iMac14,2

  Processor Name: Quad-Core Intel Core i5

  Processor Speed: 3.2 GHz

  Number of Processors: 1

  Total Number of Cores: 4

  L2 Cache (per Core): 256 KB

  L3 Cache: 6 MB

  Memory: 32 GB

  Boot ROM Version: 143.0.0.0.0

  SMC Version (system): 2.15f7