Jane's Donut Co. borrowed $192,000 on January 1, 2021, and signed a two-year note bearing interest at 13%. Interest is payable in full at maturity on January 1, 2023. In connection with this note, Jane's should report interest expense at December 31, 2021, in the amount of:

a) $52,915

b) $49,920

c) $24,960

d) $0