On January 1, 2014, the Holman Company issued a five-year, non-interest bearing note, $44,000 note to John Silver Corporation in exchange for used equipment. Neither the fair market value of the note nor that of the equipment is determinable. The incremental borrowing rate of Holman is 12% and the incremental borrowing rate of John Silver is 10%. How much interest expense should Holman record the year ended December 31, 2015. Format V BIU