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On October 1, 2019, Happy Company borrowed $70,000 from a bank on a 9%, 11-month note payable. On June 1, 2020, Happy Company borrowed $42,000 

On October 1, 2019, Happy Company borrowed $70,000 from a bank on a 9%, 11-month note payable. On June 1, 2020, Happy Company borrowed $42,000 from a bank on a 13%, 10-month note payable. Calculate the total amount of interest expense reported by Happy Company in its 2020 income statement related to these two loans.

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