Assume that on July 1, 2021. Togo's Sandwiches issues a $2.97 million, one-year note. Interest is payable at maturity. Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in dollars, not in millions. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Interest Expense 1. 2 Interest Rate Fiscal Year End 7% December 31 9% September 30 41% October 31 7% January 31 3 4 Charco purchased a franchise from Burger Master on January 1, 2021, for $240,000. The franchise agreement allows Charco to sell hamburgers and other related food items using the Burger Master name for a period of six years. Assuming Charco uses the straight-line method what is the amortization expense for the year ended December 31, 2021? Multiple Choice $28.000 O $0 $40,000 $240,000