7. On March 1, 2021, Sol, Inc. signed a one-year, 8% note payable for $60,000. Assuming that Sol maintains its books on a calendar year basis, how much interest expense should be reported in the 2022 income statement? Round answer to the nearest dollar. a $800 b. $2,400 c. $4,000 d. $4,800 8. Dot Company borrowed $17,000 cash on March 1, 2021, and signed an eleven-month, 5% note payable with interest payable at maturity. What is the amount of total interest expense on this note? Round answer to the nearest dollar. a. $71 b. $708 c. $773 d. $779 e. $850