On January 1,2024, a company acquired land for $6.2 million. The company paid $12 milion in cash and signed a 62 note requiring the company to pay the remaining $5 milion plus interest on December 31, 2025. An interest rate of 6% property refiects the time value of money for this type of loan agreement. What amount of interest expense would the compony tecord on December 31, 2025 (two years later)? Mitiple Choice 3300.000 1600000 1348.000 1618.000