Leach Company borrowed $85,000 cash by issuing a note payable on June 1, Year 1 The note had an 6 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? b. Record the issue of notes payable and recognition of interest on December 31, Year 1. in the accounting equation for Year 1 c. What amount of cash will Leach pay for interest expense in Year 1? d. What is the amount of interest payable as of December 31, Year 1? e. What amount of cash will Leach pay for interest expense in Year 2? f. What amount of interest expense will Leach recognize in Year 2? g. What is the amount of interest payable as of December 31, Year 2? Complete this question by entering your answers in the tabs below. ces Req A ReqB Req C and D Reg E to G What amount of interest expense will Leach recognize for the year ending December 31, Year 1? Interest expense Reg B Req A ReqB ReqC and D Req E to G Record the issue of notes payable and recognition of interest on December 31, Year 1, in the accounting equation for Year 1. (Enter any decreases to account balances with a minus sign.) LEACH COMPANY Accounting Equation for Year 1 Assets Liabilities Equity Notes Interest Common Retained Event Cash Payable Payable Stock Earnings June 01 Dec. 31