QUESTION 10 299 On September 28, Reeve Incorporated purchased equipment with a purchase price of $37,652 plus 6% sales tax. Shipping terms were FOB Shipping Point and shipping charges were $335. Installation was completed, and the new equipment was placed in service on October I. Installation costs totaled S946. The shipping and installation costs were paid for in cash on September 28. The equipment purchase price, including sales tax, was paid for by issuing a 120 day 5% Note Payable on October 1. Based on past experience, the equipment is expected to have a useful life of 8 years, at which time it will have an estimated worth of $4,629. The equipment will be depreciated using the Straight Line method Assuming a 360-day year for your calculation, what is the Accrued Interest Expense on the Note on October 31