Watunga County Bank agrees to lend Concord Granite Company $$607000$ on January $1.$ Concord Granite Company signs a $$607000.$

$8\%,9-$month note. What is the adjusting entry required if Concord Granite Company prepares financial statements on June $30?$

Interest Expense

$24280$

Interest Payable

$24280$

Interest Payable

$24280$

Cash

$24280$

Interest Payable

$24280$

Interest Expense

$24280$

Interest Expense

$24280$

Cash

$24280$