Elk Knob Corporation borrowed $50,000 from the Sun Coast Savings & Loan on October 1, 20X1. The note has a 7% interest rate and is due in 6 months. What journal entry will Elk Knob make on the March 31, 20X2 maturity date to record payment of the note? Select answer from the options below Debit Interest Expense, $875; Debit Notes Payable, $50,875; Credit Cash, $51,750. Debit Interest Expense, $875; Debit Notes Payable, $50,000; Credit Cash, $50,875. Debit Interest Payable, $875; Debit Interest Expense, $875; Debit Notes Payable, $50,000; Credit Cash, $51,750. Debit Interest Expense, $1,750; Debit Notes Payable, $50,000; Credit Cash, $51,750