On March 1, 2016, ABC Corp. purchased parts from XYZ Corp. In payment for the $64,000 purchase, ABC issued a 1-year installment note to be paid in equal monthly payments at the end of cash month. The payments include interest at the rate of 12%. 1. What entry will ABC make to record the March 1, 2016 purchase of the parts? 2. What entry will ABC make to record the 1^st installment payment on March 31, 2016? 3. How much interest expense will ABC report in its income statement for its fiscal year ended 06/30/2016