On January 1, 2016, Orion Corporation issued 6% bonds with a face value of $5,000,000. The bonds mature in 10 years. Interest is paid semiannually on June 30 and December 31. The bonds were sold for $4,320,500 to yield 8%. Orion uses a calendar-year reporting period. Using the effective-interest method of amortization, what amount of interest expense should be reported for year 2017? Round your answer to nearest dollar. [9 points) A