Required information [The following information applies to the questions displayed below.) On November 1 of year 0. Jaxon borrowed $40,000 from Bucksnort Savings and Loan for use in his business. In December, Jaxon paid interest of $3,600 relating to the 12-month period from November of year o through October of year 1. (Do not round intermediate calculations.) a. How much interest, if any, can Jaxon deduct in year 0 if his business uses the cash method of accounting for tax purposes? Deductible amount Required information [The following information applies to the questions displayed below) On November 1 of year 0. Jaxon borrowed $40,000 from Bucksnort Savings and Loan for use in his business. In December, Jaxon paid interest of $3,600 relating to the 12-month period from November of year o through October of year 1. (Do not round intermediate calculations.) b. How much interest, if any, can Jaxon deduct in year of his business uses the accrual method of accounting for tax purposes? Deductible amount