On August 1, Year 1, Jackson Company issued a one-year $56,000 face value interest-bearing note with a stated interest rate of 9% to Galaxy Bank. Jackson accrues interest expense on December 31, Year 1, its calendar year-end. What is the amount of interest expense and the cash outflow for interest during the year ending December 31, Year 1? Note: Do not round your intermediate calculations. A B C D Interest Expense $ 2,100 $ 2,100 $ 2,100 $0 $ 5,040 $0 $ 5,040 $ 5,040 Cash Outflow Multiple Choice Option B

On August 1, Year 1, Jackson Company issued a one-year $56,000 face value interest-bearing note with a stated interest rate of 9% to Galaxy Bank Jackson accrues interest expense on December 31, Year 1, its calendar year-end What is the amount of interest expense and the cash outflow for interest during the year ending Decernber 31, Year 1 ? Note: Do not round your intermediote calculations. Multiple Choice Opton B