Notes Payable

A company issued a $$50,000,6\%$ note payable on July $1$st$.$ The note has a term of one year. Interest expense recorded for the current calendar year is $$\_\_\_\_\_\_\_\_\_\_\_\_\_.$

Income Taxes

A company has pre$-$tax accounting income of $$400,000$ for the year. Included within this amount is a non$-$deductible fine of $$20,000$ and tax$-$exempt interest income of $$10,000.$ The company's applicable income tax rate is $30\%.$ The company's income tax payable for the year is $\_\_\_\_\_\_\_\_\_\_\_\_\_\_.$

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