Question 27 3 pts Patrick Trash Haulers borrowed $60,000 on September 1, 2020. The loan had an interest rate of 8%. The principal is to be repaid on March 31, 2021. Interest payments are to be made annually. They made the appropriate adjusting journal entries on December 31, 2021 - the last day of their fiscal year. Their journal entry on December 31 would include: Debit Interest Expense $1.600 Debit Interest Expense $4,800. Credit Cash $1.600 Debit Interest Payable $1,600