[The following information applies to the questions displayed below.]

On August 1, Year 1, Jackson Company issued a one-year $60,000 face value interest-bearing note with a stated interest rate of 9.00% to Galaxy Bank. Jackson accrues interest expense on December 31, Year 1, its calendar year-end.

What is the amount of interest expense and the cash outflow for interest during the year ending December 31, Year 1? (Do not round your intermediate calculations.)

What is the amount of interest expense and the total cash outflow related to the note during the year ending December 31, Year 2?