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Magenta Company purchased a machine from Pink Corporation on October 31, 2022. In payment for...

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Accounting

Magenta Company purchased a machine from Pink Corporation on October 31, 2022. In payment for the $328,000 purchase, Magenta issued a one-year installment note to be paid in equal monthly payments of $29,142 at the end of each month. The payments include interest at the rate of 12%. The amount of interest expense that Magenta will report in its income statement for the year ended December 31, 2022, is:

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