Pontchartrain Company issues $20,000,000,7.8%,20-year bonds to yield 8% on January 1,2017 . Interest is paid on June 30 and December 31 . The proceeds from the bonds are $19,604,145. The company uses effective-interest amortization. Interest expense reported on the 2017 income statement will total $1,560,000$1,600,000$1,529,115.$1,568,498