On December 1 Milton Company borrowed $340,000 at 9% annual interest rom the Tennessee National Bank in erest s pad when he oan matures one year om the issue ate wi at s the ad us n accruing interest that Milton would need to make on December 31, the calendar year-end? entry Multiple Choice debit Interest Expense, $2,550; credit Interest Payable, $2,550 debit Interest Expense, $30,600; credit Interest Payable, $30,600 debit Interest Payable, $2,550, credit Interest Expense, $2,550. debit Interest Expense, $5,100; crecit Interest Paysble, $5,100 debit Interest Expense, $2.550, credit Cesh, $2,550