A business borrowed $56,862 on March 1 of the current year by signing a 30 day, 9% 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 $426

debit to Interest Expense for $426

credit to Cash for $56,862

credit to Cash for $61,980