On December 1, 2021, ABC Company, borrows $60,000 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, 15% 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, $750 Dr. Interest expense and Cr. Interest payable, $1,500 Dr. Interest expense and Cr. Cash, $750 O Dr. Interest expense and Cr. Cash, $1,500 What amount of cash will be needed to pay back the note payable plus any accrued interest on June 1, 2022? $64,500 $69,000 $67,500 $63,750 In connection with this note, ABC Company should report interest expense in 2022 for the amount of: $3,750 O $9,000 $7,500 O $4,500