On September 1, 2019, Coral Equipment signed a one-year 8% interest-bearing note payable for $50,000. Assuming that Coral Equipment maintains its books on a calendar year basis, the amount of interest expense that should be reported on the 2020 income statement for this note would be (rounded to the nearest dollar): A. $2,667 B. $4,000 C. $1,333 D. $3,000 E. $2,333