NoleCo issues bonds on January $1,2023.$ These bonds pay interest semi$-$annually on June $30$ and December $31$ each year. The face value of the bonds is $$1,000,000$ and the coupon$/$stated rate is $8\%.$ The market rate on the issue date is $10\%.$ The bonds were issued for $$850,000.$ The interest expense that NoleCo should recognize on December $31,2023$ is: