ABC Company borrowed $540,000 on a 6% one year, interest bearing note dated October 2, 2017 with interest payable at maturity. The annual accounting period ends on December 31. Assuming that adjusting entries are only made at December 31, the company's fiscal year-end, compute the following amounts for this note. Make sure to show all computations for the below.

1. Interest expense for 2017
2. Total liability (including interest payable and short-term notes payable) recognized on the 2017 balance sheet.
3. Interest expense for 2018
4. Total liability (including interest payable and short-term notes payable) recognized on the 2018 balance sheet.