Leasepro Inc. leases a computer to Star Company on January 1, 2011.

This non-cancelable lease had the following terms:

The selling price of the computer on Jan. 1, 2011 is $45,913,268.99

Lease payments: $4,933,508 semiannually; first payment at January 1, 2011; remaining payments at June 30 and December 31 each year.

Lease term: 6 years (12 semi-annual payments)

No bargain purchase option

Economic life of equipment: 6 years

Implicit interest rate and lessee's incremental borrowing rate are equal.

Collectibility of the rental payments is reasonably assured, and there are no lessor costs yet to be incurred

HINT: implicit interest rate for this lease = 5%

interest expense that Star should recognize for the semi-annual period ending June 30,2011 = $2,048,988

how tocompute interest expense for year ending 12/31/2011?