Abalone Corp. uses a periodic inventory system. In the month of July, 2021, it made the following purchases: Jul 1 Beginning inventory 20 units @ $19 $ 380 7 Purchases 70 units @ $20 1,400 22 Purchases 10 units @ $22 220 $2,000 2- 3- A physical count of merchandise inventory on July 31 shows that 25 units are on hand. Under the average cost method, cost of goods sold for July was Shelly's Salon Limited borrowed $10,000 from the bank on November 1, 2021, at an interest rate of 5%. Interest is due at maturity, three months hence, on February 1, 2022. Shelly's Salon adjusts its financial statement on an annual basis. What would be the amount of interest expense recorded on December 31, 2021? [Round to the nearest dollar] The double-entry accounting system records only assets and liabilities only assets and equities the dual effect of each transaction only assets