Brewers Company agrees to lend Cubs Company $3,480,000 on September 1, 2023. Cubs Company signs a $3,480,000, 5%, 36-month note. Assume Cubs Company accrues interest monthly and that all interest is due at maturity. Use the date provided in Question #1. Assume Cubs Company prepares their financial statements on December 31, 2023, and that this note is the only interest bearing debt Cubs Company has. What will Interest Expense be for the year ended December 31, 2023 on the Income Statement of Cubs Company? Round your answer to the nearest whole dollar. Assuming the same facts as Question 1: What will the balance of the Interest Payable account for Cubs Company be on March 31, 2024?