At January 1, 2021, Han Merchants had a balance in the Interest Payable account for several notes it had signed and given to suppliers in exchange for outstanding accounts payable. The following table contains the details of the notes payable and the balance of the interest accrued on each note as at the end of the last fiscal year, December 31, 2020. Interest Rate Term Supplier Tessier Inc. Note Principal $5,700 6,600 9,000 1 Interest Accrued $38.00 24.75 Issue Date Nov. 1, 2020 Nov. 30, 2020 Dec. 1, 2020 4% 3 months 5 months 2 Wolde Inc. 4.5% 3 Deng Inc. 5% 1 year 37.50 $100.25 Total All notes require that the interest be paid at the maturity of the note. All notes and interest were paid on time. Han prepares adjusting entries at the end of its calendar fiscal year. Additional transactions of 2021: Mar. 1 Signed a $11.400, one-year, 4% note to Lalonde Ltd. in settlement of an accounts payable. Interest is due at maturity. Signed a $4,500, three-month, 4.5% note to Hanover Ltd. in settlement of an accounts payable. Interest is due at maturity. Oct. 30 Nov. 30 Borrowed from RBC $10,500 cash in exchange for a two-year 5% note with interest due at maturity. 105 24 Your answer is incorrect. What amount will appear under interest expense for Han's income statement for the year ended December 31, 2021? Where will this amount be classified on the income statement? (Round answer to 2 decimal places, eg. 52.76.) Income Statement Classification Amount Interest expense Other Expenses $ e Textbook and Media Assistance Used e Textbook List of Accounts 101 124