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On September 30,2024, a company acquired a patent. The agreement specified that the company will...

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Accounting

On September 30,2024, a company acquired a patent. The agreement specified that the company will pay $1,400,000 immediately and then another $1,400,000 on September 30,2026. An interest rate of 8% reflects the time value of money for this type of loan agreement. of $1 PVA of $1)
What amount of interest expense, if any, would the company record on December 31,2024, the company's fiscal year end?
Note: Round your answer to nearest whole dollar amount.
Multiple Choice
$75,546
$24,006
$26,859
$114,295
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