Jestion Industries purchased a supply of electronic components from Sunshine Corporation on October 31, 2021. In payment for the $1,080,000 million purchase, Jestion a 1-year installment note to be paid in equal monthly payments of $95.957 at the end of each month. The payments include interest at the rate of 12%. What is the amount of interest expense that Jestion will report in its income statement for the year ended December 31, 2021?

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