Lilac Company purchased a machine from Purple Corporation on October 31, 2021. In payment for the $298,000 purchase, Lilac issued a one-year installment note to be paid in equal monthly payments of $26,477 at the end of each month. The payments include interest at the rate of 12%. The amount of interest expense that Lilac will report in its income statement for the year ended December 31, 2021, is: Multiple Choice $2,980 $5,725 $2,648 $5.960. 4