5 [The following information applies to the questions displayed below! of Omega Company adjusts its accounts at the end of each month. The following information has been assembled in order to prepare the required adjusting entries at December 31 (1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1 (2) The company pays all employees up to-date each Friday. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two days pay amounting to $6,800. (3) On December 1, rent on the office building had been paid for four months. The monthly rent is 56,000. () Depreciation of office equipment is based on an estimated useful life of six years. The balonice in the ofice Equipment account is 59,360, no change has occurred in the account during the year (5) Fees of 99,800 were earned during the month for clients who had paid in advance What amount of interest expenne has noored on the bank loan? Select one wa S6,400 @ $7,000 @ $7.200 Bd $7,800