5. Cola, Inc., issued a 12-year, 10%, $1,500,000 bond on January 1, 20X9 dated as of January 1, 20X9. The bond pays interest every June 30 and December 31, with the principal to be paid at the end of 12 years. The effective interest rate on the bond is 12%.

What is the total interest expense recognized over the life of the bonds?