A business borrowed $51,185 on March 1 of the current year by signing a 30 day, 8% interest bearing note. Assuming a 360-day year, when the note is paid on March 31, the entry to record the payment should include a

debit to Interest Payable for $341

debit to Interest Expense for $341

credit to Cash for $51,185

credit to Cash for $55,280