32. Loren Silverman owns a small restaurant and deli. On January 1, Loren took out a loan from First National Bank. The loan was for $10,000 at 12% annual interest. Loren will make payments on the loan every six months; however, he is incurring interest expense every month on the money he owes. Loren's accountant is preparing the financial statements for January, and he needs to know the amount of interest that has been incurred. Required: a. Determine the amount of interest that Loren owes for January b. Make the adjusting entry to record the interest c. Determine the amount of interest expense that would be incurred over the first six months of the year