34. The note payable to Royce Computers (transactions 04 and 07) is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year. [IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $124,000.00. On June 10, eight days later, $23,750.00 was repaid. Interest expense must be calculated on the $124,000.00 for eight days. In addition, interest expense on the $100,250.00 balance of the loan ($124,000.00 less $23,750.00 = $100,250.00) must be calculated for the 20 days remaining in the month of June.]