Assume that Cram Sales Company completed the following note payable transactions: 2016 Jul 1 Dec 31 2017 Jul 1 Purchased delivery truck costing $56,000 by issuing a one-year, 7% note payable Accrued interest on the note payable Paid the note payable at maturity Read the equirements Requirement 1. How much interest expense must be accrued at December 31, 20162 (Round your answer to the nearest whole dollar) The interest expense accrued at December 31, 2016 is Requirement 2. Determine the amount of Cram Sales' final payment on July 1, 2017 The amount of Cram Sales' final payment on July 1,2017 is$ Requirement 3. How much interest expense will CIram Sales report for 2016 and for 2017? (Round your answers to the nearest whole dollar) The company will report interest expense of $ in 2016 and . SI - Iin 2017