On May 1, 2020, Christina Fashions borrowed $90,000 at a bank by signing a four-year, 6% loan. The terms of the loan require equal principal payments of $22,500 and accrued interest at 6% due annually on April 30. The loan agreement requires the company to maintain a minimum current ratio of 2.0. The December 31, 2020, year-end statement of financial position, immediately prior to the reclassification of long-term debt, follows: Current assets $108,000 184,000 Non-current assets Current liabilities Loan payable Common shares Retained earnings Total liabilities and shareholders' equity $45,000 90,000 81,000 76,000 Total assets $292,000 $292,000 Prepare journal entries to record the interest payable on December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Interest Expense 4320 Interest Payable 4320