Franklin Company obtained a $165.000 line of credit from the State Bank on January 1 Year 1. The company agreed to accept a variable interest rate that was set at 3% above the bank's prime lending rate. The bank's prime rate of interest and the amounts borrowed or repaid during the first three months of Year 1 are shown in the following table. Assume that Franklin borrows or repays on the first day of each month. Borrowing is shown as a positive amount and repayments are shown as negative amounts indicated by parentheses Amount Borrowed Prime Rate for the (Repaid) Month 1-January $ 54,000 4.02 1-February (22,000) 4.56 1-March 54,000 5.08 Based on this information alone, the amount of interest expense recognized in March would be closest to: (Do not round Intermediate calculations. Round your answer to the nearest whole number.) Multiple Choice $358 o 5287 C 5323