Sheridan Company purchased equipment on November $1,2020$ and gave a $3-$month, $9\%$ note with a face value of $$74000.$ The December $31,2020$ adjusting entry is

debit Interest Expense and credit Interest Payable, $$1665.$

debit $$terest Expense and credit Interest Payable, $$6660.$

debit Interest Expense and credit Interest Payable, $$1110.$

debit Interest Expense and credit Cash, $$1110.$