Sharp Company borrowed $150,000 on a 8% one-year, interest-bearing note dated November 1, 2010 with interest payable at maturity. The annual accounting period ends on December 31. Assuming that adjusting entries are only made at December 31, the company's fiscal year-end, compute the amount of interest expense for 2010 and for 2011 for this note:

Interest expense for 2010:
Total liability (including interest payable and short-term notes payable) recognized on the 2010 balance sheet
Interest expense for 2011:
Total liability (including interest payable and short-term notes payable) recognized on the 2011 balance sheet

Show computations here: