On June 30, 2021, Chu Industries issued 9-month notes in the amount of $690,000. Assume that interest is payable at maturity in the following three independent cases: Required: Determine the amount of interest expense that should be accrued in a year-end adjusting entry under each assumption: (Round your final answers to the nearest whole dollar amount.) Interest Rate Fiscal Year-End Interest Expense 1 8% 5% 2 December 31 August 31 October 31 3. 11%