A business borrowed $62,835 on March 1 of the current year by signing a 30 day, 5% 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 $262

debit to Interest Expense for $262

credit to Cash for $62,835

credit to Cash for $65,977