QUESTION 10 \"points SavaAnswer On September 28, Reeve Incorporated purchased equipment with a purchase price of $44,528 plus 6% sales tax. Shipping terms were FOB Shipping Point and shipping charges were $317. Installation was completed, and the new equipment was placed in service on October 1. Installation costs totaled $921. 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 $4,057. 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