Magenta Company purchased a machine from Pink Corporation on October 31,2024. In payment for the $304,000 purchase, Magenta issued a one year installment note to be paid in equal monthly payments of $27010 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:

A. $2,701

B. $5,840

C. $6,080

D. $3,040