On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $10,800. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.)Multiple ChoiceDebit Interest Expense, $144; credit Interest Payable, $144.Debit Interest Expense, $216; credit Interest Payable, $216.Debit Interest Payable, $288; credit Interest Expense, $288.Debit Interest Payable, $432; credit Interest Expense, $432.No adjusting entry is required.