On September 1, 2011, Donna Equipment signed a one-year, 8% interest bearing note payable for $50,000. Assuming Donna maintains its books on a calendar year basis, the amount of interest expense that should be reported in the 2012 income statement for this note would be (assume each month has 30 days): Answer A. $2,667 B. $3,000 C. $4,000 D. $1,333