A company borrowed $80,000 cash by issuing a note payable on June 1 Year 1. the note had an 8 percent annual rate of interest and a one year term to...

A company borrowed $80,000 cash by issuing a note payable on June 1 Year 1. the note had an 8 percent annual rate of interest and a one year term to maturity. What amount of interest expense will the company recognize for the year ending in December 31, year 1?