Assume that Crandell Company completed the following note-payable transactions.
2010
May 1 Purchased delivery truck costing $83,000 by issuing a one-year, 6% note payable.
Dec 31 Accrued interest on the note payable.
2011
May 1 Paid the note payable at maturity.

Requirements
1. How much interest expense must be accrued at December 31, 2010? (Round your answer to the nearest whole dollar.)
2. Determine the amount of Crandell’s final payment on May 1, 2011.
3. How much interest expense will Crandell report for 2010 and for 2011? (Round your answer to the nearest whole dollar.)