Given the following data:

Bonds payable, maturing in $10$ years $=$ $$8,000,000$

Contract interest rate $=5\%$

Market $($effective$)$ interest rate $=6\%$

Journalize the entry for interest expense and any related amortization on December $31$ of the first year using the effective interest rate method. Assume interest is paid annually on January $1.$ The bonds were issued on January $1$ for $$7,411,233.$ Round your answers to nearest dollar.

If an amount box does not require an entry, leave it blank.