On June 1, X2, a company with a December 31 year-end obtained a loan from a financial institution for an amount of $ 12,000. The agreed annual interest rate is 5%. The principal ($ 12,000) and the interest are repayable in one year, that is to say at the maturity of the loan on May 31 X3.

Indicate the amount that should be presented in the income statement as Interest expense for year X2?

A $ 600 B $ 350 C $ 12,000 D none of the above E $ 300