John Deere is an American manufacturer of agricultural, construction, and forestry machinery. On May 1, 2021, John Deere borrowed $250,000 from US Bank by signing a three-year, 6% note payable. Interest is due each May 1. What adjusting entry, if any, should John Deere record on December 31, 2021? Multiple Choice O Debit interest Expense and credit Interest Payable for $15,000. O No adjusting entry is necessary. O Debit Interest Expense and credit Interest Payable for $10,000 Debit Interest Expense and credit Interest Payable for $5,000