44. helpp

On January 1, 2024, a company acquired land for $7.3 million. The company paid $1.2 million in cash and signed a 4% note requiring the company to pay the remaining $6.1 million plus interest on December 31,2025 . An interest rate of 4% properly reflects the time value of money for this type of loan agreement. What amount of interest expense, if any, would the company record on December 31,2024 (one year later)? Multiple Choice \$o $488,000 $244,000 $122,000