Nash's Trading Post, LLC issued $4,800,000 of 8% bonds on October 1, 2020, due on October 1, 2025. The interest is to be paid twice a year on April 1 and October 1. The bonds were sold to yield 10% effective annual interest. Nash's Trading Post, LLC closes its books annually on December 31.

Compute the interest expense to be reported in the income statement for the year ended December 31, 2021.

Interest expense

$