On December 1, Milton Company borrowed $320,000, at 6% annual interest, from the Tennessee National Bank Interest is paid when the loan matures one year from the issue date. What is the adjusting entry for accruing interest that Milton would need to make on December 31, the calendar year-end? Multiple Choice debit Interest Payable 51600, credit interest Expense, $1,600 debit interest Expense, $1.200 credit Interest Playable, 53.200 debit interest Expense, 51,600.credit interest Payable, $1600 debit interest Expense, 1600, credit Cash, S1600, debit interest Expense, $19,200: credit interest Payable, $19.200