Cling-on Company sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2001, Cling-on had the following transactions related to notes payable:

Sept. 1 Issued a $16,000 note to Black Diamond to purchase inventory. The note payable bears interest of 9% and is due in 3 months.
Sept. 30 Recorded accrued interest for the Black Diamond note.
Oct. 1 Issued a $10,000, 12%, 2-month note to Montpelier. Bank to finance the building of a new climbing area for advanced climbers.
Oct. 31 Recorded accrued interest for the Black Diamond note and the Montpelier Bank note.
Novy. 1 Issued an $18,000 note and paid $8,000 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 14% and matures in 12 months.
Nov. 30 Recorded accrued interest for the Black Diamond note, the Montpelier Bank note, and the vehicle note.
Dec. 1 Paid principal and interest on the Black Diamond note.
Dec. 31 Recorded accrued interest for the Montpelier Bank note and the vehicle note.
Instructions

(a) Prepare journal entries for the transactions noted above.

(b) Post the above entries to the Notes Payable, Interest Payable, and Interest Expense accounts. (Use T accounts.)

(c) Show the balance sheet presentation of notes payable and interest payable at December 31.

(d) How much interest expense relating to notes payable did Cling-on Company incur during the year?