On October 1, 2020, a company purchased equipment for $150,000. They pald $50,005 in cash and signed a 10 -year Note payable for $100,000 with a 108 interest rate. The Interest payments are due on March 31 and September 30 each year. What is the adjusting entry needed, if any, on December 31 , 2020. Debat interest Expense 55,000, Credi interest Payable 52,500 , and Credit Cons 52500 No Entry is Necesay Detit laterst Expense $2500 and Credit Cash 32,500 Debi bherest Evpense $2500 and Credr interest Proble $2.900