Your total points will determine your grade. There are no other earning assignments left. I will review the test statistics and make sure there are no errors on my part and then I will formally post your grades in the University system. I do not release answers for this test. If you want to go over your test, I will be glad to meet with you. I will be out of town from 12-27 through 1-15. The Accounting Department's grading scale is: 1000to900A899to800B799to700C699to600D599andbelowF Question 1 10pts Your Company borrowed $80,000 on August 1, 2022 from the National Bank for an 12month term. Your Company agreed to pay interest annually at the rate of 3.5% per year. What is the amount of interest expense appearing on the 2022 income statement? (Round to nearest dollar if you need to.) $1,633. 31,167 $233. $1,500. Your Company borrowed $80,000 on August 1, 2022 from the National Bank for an 12month term. Your Company agreed to pay interest annually at the rate of 3.5% per year. What is the amount of interest expense appearing on the 2022 income statement? (Round to nearest dollar if you need to.) $1,633. $1,167. \$ 233. $1,500. $2,800