Shara's Bar and Grill completed the following note-payable transactions:

Shara's Bar and Grill completed the following note-payable transactions: (Click the icon to view the transactions.) Answer these questions for Shara's Bar and Grill: 1. How much interest expense must be accrued at December 31, 2020? 2. Determine the amount of Shara's final payment on July 31, 2021. 3. How much interest expense will Shara's report for 2020 and for 2021? 1. How much interest expense must be accrued at December 31, 2020? (Round your answer to the nearest whole number.) The amount of interest expense to be accrued at December 31, 2020, is $0. - X Transactions 2020 Aug. 1 Dec. 31 2021 Aug. 1 Purchased kitchen equipment costing $70,000 by issuing a one-year, 5% note. Accrued interest on the note payable. Paid the note payable at maturity. Print Done