Nittany Lion Co$.$ has a $10\%5-$year $$2,700,000$ note outstanding due on December $31,2018.$ Having recently lost a bet on the football game versus the Hawkeyes, Nittany Lion does not have the cash to pay the principal due. Assume the bank agrees to restructure the note with a new maturity date of December $31,2023,$ face value of $$2,000,000$ and stated interest rate of $4\%$ with interest payments due annually beginning on December $31,2019.$ What amount of interest expense will be recorded on December $31,2019?$