On July 1,2011,Allen Company signed a $100,000,one-year,6 percent note payable.The principal and interest will be paid on June 30,2012.How much interest expense should be reported on the income statement for the year ended December 31,2011?

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Interest expense = $3,000 = $100,000 F1F1F1S1F1F1F10 .06 F1F1F1S1F1F1F10 6/12

On July 1,2011,Allen Company Signed a $100,000,one-Year,6 Percent Note Payable