Question 24 (1 point) Xtra Corporation issues 5-year bonds with a face value of $8,000,000 and a stated rate of 6% on January 1, 2022. Interest is payable annually on December 31. The market rate of interest is 7%. Xtra's controller prepares the first two lines of the effective interest amortization table and asks you to prepare the third line. What is the company's CASH PAYMENT AMOUNT for this December 31, 2024 interest payment? Interest Payment Cash Payment Interest Decrease in Book Date Dec 31, 2022 Dec 31, 2023 Amount $480,000 $480,000 Expense Discount Discount $537,039 $57,039 $270,977 $7,729,023 $541,032 $61,032 Value $209,945 $7,790,055 Dec 31, 2024 Dec 31, 2025 Dec 31, 2026