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Jane's Donut Company borrowed $199,000 on January 1, 2024, and signed a two-year note bearing interest at 12%. Interest is payable in full at maturity

Jane's Donut Company borrowed $199,000 on January 1, 2024, and signed a two-year note bearing interest at 12%. Interest is payable in full at maturity on January 1, 2026. In connection with this note, Jane's should report interest expense at December 31, 2024, in the amount of:

Multiple Choice

$0.

$47,760.

$23,880.

$50,626.

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