West Company borrowed $40,000 on September 1, Year 1 from the Valley Bank West agreed to pay interest annually at the rate of 9% per year. The note issued by West carried an 18-month term. Based on this information the amount of interest expense appearing on West's Year 1 income statement would be: Multiple Choice O $360 $900. $0. $1,200. Blair Scott started a sole proprietorship by depositing $31,000 cash in a business checking account. During the accounting period the business borrowed $14,000 from a bank, earned $4,000 of net income, and Scott withdrew $5,200 cash from the business. Based on this information at the end of the accounting period Scott's capital account contained a balance of Multiple Choice $32,200. $43,800 $29,800 $35,000