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WildhorseCorporation loaned $600000to another corporation on December 1, 2020 and received a 3-month,7% interest-bearing note with a face value of $600000. What adjusting entry shouldWildhorsemake

WildhorseCorporation loaned $600000to another corporation on December 1, 2020 and received a 3-month,7% interest-bearing note with a face value of $600000. What adjusting entry shouldWildhorsemake on December 31, 2020?

Debit Interest Receivable and credit Interest Revenue, $3500.

Debit Interest Receivable and credit Interest Revenue, $10500.

Debit Cash and credit Interest Receivable, $10500.

Debit Cash and credit Interest Revenue, $3500.

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