The Duncan Company borrowed $40,000 from a local bank on January 1, 2022 at an interest rate of six percent that will be repaid in full at the end of the three-year term. How much interest expense should be accrued for 2023? As needed, round your final answer to the nearest whole dollar and enter as a positive number.

The Duncan Company borrowed $40,000 from a local bank on January 1,2022 at an interest rate of six percent that will be repaid in full at the end of the three-year term. How much interest expense should be accrued for 2023 ? As needed, round your final answer to the nearest whole dollar and enter as a positive number