On February 28, 20x0, you borrow $556390 from a bank. The interest of 7% is payable annually each February 28th. The company has a December 31 year-end. The principal on the loan will be repaid in two payments of 278195 on February 28, 20x1 and February 28, 20x2. What is the interest expense on the loan at December 31, 20x1 (assuming the correct entry was made on February 28, 20x1)? Select one: a. $ 19474 b. $ 32456 c. $ 16228 d. $ 278195 Check