Question: On September 3 0 , 2 0 2 4 , a company acquired a patent. The agreement specified that the company will pay $ 1

On September 30,2024, a company acquired a patent. The agreement specified
On September 30,2024, a company acquired a patent. The agreement specified that the company will pay
$1,130,000 immediately and then another $1,130,000 on September 30,2026. An interest rate of 7% 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 31,2026, the company's
fiscal year end?
Note: Round intermediate and final answer to nearest whole dollar amount.
that the company will pay $1,130,000 immediately and then another $1,130,000 on

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