14 01:58:34 On December 1, 2021, ABC Company, borrows $55,000 cash to expand operations. The loan is made by First Bank under a short-term line of credit arrangement. The company signs a six-month, 6% promissory note. Interest is payable at maturity. ABC's year-end is December 31. Required: ABC Company should record which of the following adjusting entries at December 31, 2021? Dr. Interest expense and Cr. Interest payable, $275 Dr. Interest expense and Cr. Interest payable, $550 Dr. Interest expense and Cr. Cash. $275 Dr. Interest expense and Cr. Cash, $550 What amount of cash will be needed to pay back the note payable plus any accrued interest on June 1, 2022? $56,650 $58,300 $57,750 $56,375 In connection with this note, ABC Company should report interest expense in 2022 for the amount of: O $1,375 $3,300 $2.750 $1,650