Leach Company borrowed $80,000 cash by issuing a note payable on June 1, Year 1. The note had an 8 percent annual rate of interest and a one-year term to maturity Required a. What amount of interest expense will Leach recognize for the year ending December 31, Year 1? (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.) b. Show how the recognition of interest on December 31, Year 1, affects the accounting equa calculetions. Round your answers to the nearest whole dollar amount. Enter any decreases to account balances with a minus sign.) LEACH COMPANY Accounting Equation for Year 1 Assets Liabilities Equity Interest Payable Notes .CommonRetained Earnings Event June 01 Dec. 31 Cash St 80000| 800001 + c. What amount of cash will Leach pay for interest expense in Year 1? of cash paid