SH Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the airine industry. Assume that on July 1 the company issues a one-year note for the amount of $5.5 million. Interest is payable at maturity. Required: Determine the amount of interest expense that should be reported in the year-end income statement under each of the following independent assumptions: (Enter your answers in dollars, not millions (i.e. 5.5 million should be entered as 5,500,000).)