May 1, 2016 Interest Expense $120

Consider the following note payable transactions of Concert Video Productions.

2015
May 1	Purchased equipment costing $12,000 by issuing one-year, 3% note payable.
Dec. 31	Accrued interest on the note payable.
2016
May 1	Paid the note payable plus interest at maturity.

Journalize the transactions for the company.