Brief Exercise $14-6($Algo$)$ Effective interest on bonds $[$LO$14-2]$

On January $1,$ a company issued $6\%,10-$year bonds with a face amount of $$60$ million for $$51,845,994$ to yield $8\%.$ Interest is paid semiannually. What was the interest expense at the effective interest rate on the December $31$ annual income statement?

Note: Round intermediate calculations and your final answer to the nearest whole dollar.

Interest expense