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On June 1, 2025, Thomas Company borrowed $31,000 from a bank on a 6%, 9-month note payable. On October 1, 2026, Thomas Company borrowed

On June 1, 2025, Thomas Company borrowed $31,000 from a bank on a 6%, 9-month note payable. On October 1, 2026, Thomas Company borrowed $54,000 from a bank on a 14%, 4-month note payable. Calculate the total amount of interest expense related to these two loans that Thomas Company would report in its 2026 income statement.

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