On December 1, 2021, ABC Company, borrows $20,000 cash to expand operations. The loan is made by First Bank under a short-term line of credit arrangement. The company signs a six-month, 3% promissory note. Interest is payable at maturity. ABC's year-end is December 31. Required: ABC Company should record which of the following adjusting entries at December 31, 2021? O Dr. Interest expense and Cr. Interest payable, $50 Dr. Interest expense and Cr. Interest payable, $100 Dr. Interest expense and Cr. Cash, $50 O Dr. Interest expense and Cr. Cash, $100 What amount of cash will be needed to pay back the note payable plus any accrued interest on June 1, 2022? O $20,300 $20,600 $20,500 $20,250 In connection with this note, ABC Company should report interest expense in 2022 for the amount of: 000 $250 $600 $500 $300