P10.2 (LO 1) The following are selected transactions of Deok-moon Group. Deok-moon prepares financial statements quarterly (amounts in thousands). Jan. 2 Purchased merchandise on account from Nan Company, #30,000, terms 2/10, n/30. (Deok-moon uses the perpetual inventory system.) Feb. 1 Issued a 9%, 2-month, W30,000 note to Nan in payment of account. Mar. 31 Accrued interest for 2 months on Nan note. Apr. 1 Paid face value and interest on Nan note. July 1 Purchased equipment from Ji-yoo Equipment paying #11.000 in cash and signing a 10%, 3-month, #60,000 note. Sept. 30 Accrued interest for 3 months on Ji-yoo note. Oct. 1 Paid face value and interest on Ji-yoo note. Dec. 1 Borrowed #24,000 from the Wonju Bank by issuing a 3-month, 8% note with a face value of #24,000. Dec. 31 Recognized interest expense for 1 month on Wonju Bank note. Instructions a. Prepare journal entries for the listed transactions and events. b. Post to the accounts Notes Payable, Interest Payable, and Interest Expense. c. Show the statement of financial position presentation of notes and interest payable at December 31. d. What is total interest expense for the year