Calculate Amounts 1. On June 1, 2016, Donna Equipment signed a one-year, 8% interest-bearing note payable for $150,000. Assuming that Donna Equipment maintains its books on a calendar year basis, how much Interest expense should be reported in the 2016 income statement? 2. On June 1, 2016, Donna Equipment signed a one-year, 8% interest-bearing note payable for $150,000. Assuming that Donna Equipment maintains its books on a calendar year basis. how much interest expense should be reported in the 2017 income statement