On September 30,2024 , a company acquired a patent. The agreement specified that the company will pay $1,050,000 immediately and then another $1,050,000 September 30, 2026. An interest rate of 11% reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1 ) What amount of interest expense, if any, would the company record on December 31, 2024, the company's fiscal year end? Note: Round your answer to nearest whole dollar amount. Multiple Choice $23,436 $74,976 $26,289 $111,445