Rocky Company borrowed $10,000 on February 1, 20X1. The loan has an annual interest rate of 14%. Rocky Company repaid the loan in full (both principal and interest) on January 31, 20X2; no payments were made on the loan between February 1, 20X1 and January 31, 20X2. [Note: The correct adjusting entry with respect to this loan was recorded on December 31, 20X1.] The single journal entry to record the repayment of the loan (both principal and interest) on January 31, 20X2 includes a

Debit to Interest Expense for $1,283

Credit to Interest Expense for $1,283

Debit to Interest Expense for $1,167

Credit to Interest Expense for $1,167

Debit to Interest Expense for $1,400

Credit to Interest Expense for $1,400

Debit to Interest Payable for $1,283

Credit to Interest Payable for $1,283

--------------

plz explain!