Straight Industries purchased a large piece of equipment from Curvy Company on January 1, 2019. Straight Industries signed a note, agreeing to pay Curvy Company $410,000 for the equipment on December 31, 2021. The market rate of interest for similar notes was 10%. The present value of $410,000 discounted at 10% for four years was $280,036. On January 1, 2019, Straight Industries recorded the purchase with a debit to equipment for $280.036 and a credit to notes payable for $280,036. How much is the 2020 interest expense, assuming that the December 31, 2019 adjusting entry was made? Multiple Choice $30.804 $38,693 $36,493 $41,000