On January 1, 2021, Morton Sales Co. issued zero-coupon bonds with a face value of $6 million for cash. The bonds mature in 10 years and were issued at a price of $3,050,100. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: What amount of interest expense on these bonds would Morton Sales Co. report in its 2021 income statement? (Enter your answer rounded to the nearest whole dollar.)