On April 1, Lakota Sales, Inc. purchased inventory costing $451,200 using a 5-month trade note payable. The note carries an annual interest rate of 6%. Lakota has a December 31 year-end. Prepare the journal entries required. The company uses the perpetual inventory system. What is interest expense during the current year? What is the interest expense during the current year? Interest expense on the trade notes payable during the current year is Prepare the journal entries required to record the transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) April 1: Lakota Sales, Inc. purchased inventory costing $451,200 using a 5-month trade note payable. September 1: Payment of the trade note payable plus interest