On july 1, 2024, a company acquired equipment. The company paid $160,000 in cash on july 1, 2024, and signed a $640,000 noninterest-bearing note for the remaining balance which is due on july 1, 2025. An interest rate of 5% reflects the time value of money for this type of loan agreement. (pv of $1, pva of $1) what amount of interest expense will be reported for its year ended december 31, 2024?