On January 1, a company issued 3%, 20-year bonds with a face amount of $80 million for $69,057,808 to yield 4%. Interest is paid semiannually. What was the interest expense at the effective interest rate on the December 31 annual income statement?(Enter your answers in whole dollars. Round your intermediate calculations to the nearest dollar amount.)

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Period-End Cash Interest Paid Bond Interest Discount Expense Amortization Carrying Value January 1 S 69,057,808 June 30 December 31 Total S