(Learning Objective 1: Recording note payable transactions) Assume that Concilio Company completed the following note-payable transactions:

❙ Requirements 1. How much interest expense must be accrued at December 31, 20X0? (Round your answer to the nearest whole dollar.)

2. Determine the amount of Concilio’s fi nal payment on March 1, 20X1.

3. How much interest expense will Concilio report for 20X0 and for 20X1? (Round your answer to the nearest whole dollar.)