Assume that Concilio Company completed the following note-payable transactions:
2010
Mar 1 Purchased delivery truck costing $82,000 by issuing a one-year, 5% note payable.
Dec 31 Accrued interest on the note payable.
2011
Mar 1 Paid the note payable at maturity.

Requirements
1. How much interest expense must be accrued at December 31, 2010? (Round your answer to the nearest whole dollar.)
2. Determine the amount of Concilio’s final payment on March 1, 2011.
3. How much interest expense will Concilio report for 2010 and for 2011? (Round your answer to the nearest whole dollar.)