These are selected transactions of Sheffield Company. Sheffeld prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Nunez Company, $28,000, terms 2/10,n/30. (Sheffield uses the perpetual inventary system) Feb. 1 Issueda 9%,2 month, $28,000 note to Nunez in payment of account. Mar. 31 Accrued interest for 2 months on Nuneznote. Apr. 1 Paid facevalue and interest on Nuneznote. July 1 Purchased equipment from Marson Equipment paying $10,000 in cash and signing a 10%,3-month, $55,200 note. Sept. 30 Accrued interest for 3 months an Marson note. Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $32,400 from the Paola Bank by issuing a 3-month, 8% note witha facevalue of $32,400. Dec 31 Recognized interest expense for 1 month on Paola Banknote. Inventorv 28000 Accounts Payable Accounts Payable Notes Payable Intarest Expense Inter est Payable \begin{tabular}{|l|l|} \hline Apr.1 > Notes Payable & 26090 \\ \hline \end{tabular} Interest Payable Cash 1380 Notes Payable Sept 30 Interest Expense Intereterpanso \begin{tabular}{|l|l|} \hline 1380 \\ \hline \end{tabular} Interest Payable Interest Payable Kost to the accounts Notes Fayabie, interest rayabie, and interest t xpense. post entries in the oroer of journat entres p p Show the balance sheet presentation of notes and interest payableat December 31 . What is total interest expense for the year? Total interest