Magenta Company purchased a machine from Pink Corporation on January $1,2024.$ In payment for the $$312,000$ purchase, Magenta issued a one$-$year installment note to be paid in equal monthly payments of $$27,721$ at the end of each month. The payments include interest at the rate of $12\%.$ The amount of interest expense that Magenta will report in its income statement for the year ended December $31,2024,$ is: