On November 1, 2019, Valleymen Corporation issued $800,000 worth of ten-year, 9 percent bonds. The semiannual interest dates are November 1 and May 1. The market interest rate of similar investments was 8.5 percent. The bonds were issued at a price of 103. Required: Ignoring year-end accruals, how much is the bond interest expense May 1, 2020. Use the straight-line Method of amortization. Round answers to the nearest dollar. Pts)