On April 1, 2021, 20-year, 6 percent, general obligation serial bonds were issued by Tangerine County at the face amount of $1,200,000. Interest of 6 percent per year is due semiannually on April 1

and October 1. The first principal payment of $60,000 is due on April 1, 2022. The county's fiscal year-end is December 31. What amount is reported as interest expense in the government-wide

financial statements for 2021?