(Learning Objective 1: Recording note payable transactions) Assume that Crandell 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 Crandell’s fi nal payment on May 1, 20X1.

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