On September 30, 2015, Dolphin Incorporated negotiated a 1,000,000 euro, two-year loan from a German bank. The annual interest on the loan is 2%. Dolphin makes annual interest payments on September 30. Dolphin will repay the loan principal on September 30, 2017. Dolphin prepares December 31 year-end financial statements in U.S. dollars.

Table 1 below for this foreign currency borrowing, based on the following exchange rates for one euro:

September 30, 2015 . . . . . . .. . . . . . . . .$0.110

December 31, 2015 . . . . . . .. . . . . . . . .$0.115

September 30, 2016 . . . . . . .. . . . . . . . .$0.130

December 31, 2016 . . . . . . .. . . . . . . . .$0.135

September 30, 2017 . . . . . . .. . . . . . . . .$0.160

9/30/2015 Cash 1,000,000*.110 $110,000

Notes payable $110,000

12/31/2015 Interest expense $

Acrued interest $

How do I find the Interest Expense???