On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $17,100. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.)

Debit interest expense, $228; credit interest payable, $228.

Debit interest expense, $304; credit interest payable, $304.

Debit interest expense, $456; credit interest payable, $456.

Debit interest expense, $0; credit interest payable, $0.

Debit interest expense, $152; credit interest payable, $152.