8. On July 1, 2016, Cargo Corporation issued $4,100,000 of 10%, 15-year bonds dated July 1, 2016, at $4854438 when the market rate of interest was 6%. Cargo Corporation uses the straight-line method of amortization. Interest is paid each June 30 and December 31. The entry to record the first semi-annual interest payment on December 31, 2016, will include a debit to interest expense for:

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