You are the new controller for Moonilight Bay Resorts. The company CFO has asked you to determine the company's Interest expense for the year ended December $31,2024.$ Your accounting group provided you the following Information on the company's debt: Note: Use tables, Excel, or a financlal calculator. $($FV of $$1,$ PV of $$1.$ FVA of $$1.$ PVA of $$1.$ FVAD of $$1$ and PVAD of $$1)$

On July $1,2024,$ Moonlight Bay issued bonds with a face amount of $$1,600,000.$ The bonds mature in $10$ years and interest of $11\%$ is payable semlannually on June $30$ and December $31.$ The bonds were issued at a price to yleld investors $12\%.$ Moonlight Bay records interest at the effectlve rate.

$2$ At December $31,2023,$ Moonlight Bay had a $10\%$ installment note payable to Third Mercantlle Bank with a balance of $$630,000$ The annual payment is $$125,000,$ payable each June $30.$

On January $1,2024,$ Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $$50,000$ beginning January $1,2024.$ Moonlight Bay's Incremental borrowing rate on the date of the lease was $11\%$ and the lessor's implicit rate, which was known by Moonlight Bay, was $10\%.$

Required:

Calculate Interest expense for the year ended December $31,2024.$

Note: Round your answer to nearest whole dollar.

Interest expense