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  3. on september 30,2024, a company acquired a patent.

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. (PV of $1, PVA of $1)
What amount of interest expense, if any, would the company record on December 31,2024, the companys fiscal year end?
Note: Round your answer to nearest whole dollar amount. 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. (PV 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
$24,006
$114,295
$75,546
$26,859
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