11 Not yet answered Marked out of 1.00 PFlag question On September 1, 2020, Pine Company borrows cash by issuing a one-year noninterest-bearing note payable to National Bank in the amount of $61,480. The market rate of the note is 6%. The company amortizes any discount on the note using the straight-line method and the adjusting entry on December 31, 2020, the company's year-end, was appropriately recorded. Upon maturity of the note payable on August 31, 2021, Pine Company would record the following: Select one: O a. A credit to Cash for $58,000 b. A debit to Interest Expense for $3,480 c. A debit to Interest Expense for $1,160 Od. A credit to Discount on Note Payable for $2,320 e. A credit to Discount on Note Payable for $1,160 Previous Save Answers Next >