On January 1 of the current year ,Sam borrows 70,000, pledging the assets of of his business as collateral .he immediately deposits the money in an interest bearing checking account.sam already had $40,000 in this account. On May 1 Sam invests $65,000 in a limited real estate patnership. On August 1, he buys a new ski boat for$ 15,000. On September 1 ,he makes a $19,000 capital contribution to his unincorporated business. Sam repays $30,000 of the loan on November 30 of the current year. Requirement Classify Sam's interest expense for the year.