On June 30, 2016, Rolf Inc. borrowed $25,000 from its bank, signing an 8%, two-year note 1 on each of the following dates: December 31, 2016, December 31, 2017, June 30, 2018 2 the necessary journal entries on the dates in part (1). 3 Assuming that the bank charges simple interest on the note, prepare the journal entry Rolf will record Assume instead that the bank charges 8% on the note, which is compounded semiannually. Prepare How much additional interest expense will Rolf have in part (2) than in part (1)? On June 30, 2016, Rolf Inc. borrowed $25,000 from its bank, signing an 8%, two-year note 1 on each of the following dates: December 31, 2016, December 31, 2017, June 30, 2018 2 the necessary journal entries on the dates in part (1). 3 Assuming that the bank charges simple interest on the note, prepare the journal entry Rolf will record Assume instead that the bank charges 8% on the note, which is compounded semiannually. Prepare How much additional interest expense will Rolf have in part (2) than in part (1)