Bank of America lends a coffee shop $200,000 on October 1, 2018. The coffee shop is required to pay interest every six months and will pay back the $200,000 principal at the end of 5 years. The coffee shop records interest expense on the last day of each month. Bank of America records interest revenue on the last day of each month. The annual interest rate is 5%. Assume the coffee shop is required to create financial statements three months after taking the loan out, on December 31, 2018. How much interest payable should the coffee shop report on its December 31, 2018 balance sheet