first answer is wrong and second one is not fully complete so it had to be completed thank you

Ben Bradley started Bradley Company on January 1, Year 1. The company experienced the following events during its first year of operation: 1. Eamed $3,400 of cash revenue for performing services. 2. Borrowed $4,900 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on August 1, Year 1 , had a one-year term and a 12 percent annual interest rate. Required: a. What is the amount of interest expense in Year 1 ? Answer is complete but not entirely correct. b. What amount of cash was poid for interest in Year 1 ? Fis. The fast tarsactioft has becen recorded as an exasiple. Note: Mot ah cetis wil teoulre an input