Target Corporation borrows $400,000 from a bank on July 1, 2023. The loan has a 8% annual interest rate, and both interest and principal will be repaid when the loan is due on December 31, 2030. If Target Corporation records interest expense as an adjusting entry at the end of the year, what is the adjusting journal entry on December 31, 2023?

	Dr. Interest Expense 16,000 and Cr. Interest Payable 16,000
	Dr. Interest Expense 32,000 and Cr. Interest Payable 32,000
	Dr. Interest Expense 32,000 and Cr. Cash 32,000
	Dr. Interest Payable 8,000 and Cr. Interest Expense 8,000