Magenta Company purchased a machine from Pink Corporation on October 31, 2021. In payment for the $290,000 purchase, Magenta issued a one-year installment note to be paid in equal monthly payments of $25,766 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, 2021, is: Multiple Choice $2,577 $5,800 $5,521 0 $2,900