Magenta Company purchased a machine from Pink Corporation on October 31, 2024. In payment for the $300,000 purchase, Magenta issued a one-year installment note to be paid in equal monthly payments of $26,655 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: