At the beginning of 2020, Wallace Corporation issued 10% bonds with a face value of $6,000,000. These bonds mature in the five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $5,558,400 to yield 12%. Wallace uses a calendar-year reporting period. Using the effective- interest method of amortization, what amount of interest expense should be reported for 2020? (Round your answer to the nearest dollar) $665,000 $667,000 $688,320 $669,018