Joy's Bar and Grill completed the following note-payable transactions:

Answer these questions for Joy's Bar and Grill:
1. How much interest expense must be accrued at December 31, 2020?
2. Determine the amount of Joy's final payment on July \(31,2021\).
3. How much interest expense will Joy's report for 2020 and for 2021 ?

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2020 Aug. 1 Dec. 31 Purchased kitchen equipment costing $60,000 by issuing a one-year, 5% note. Accrued interest on the note payable. 2021 Aug. 1 Paid the note payable at maturity.