Shamrock Industries borrows $21600 at 5% annual interest for six months on October 1, 2022. Which is the appropriate entry to accrue interest if Shamrock employs December 31, 2022, fiscal year? (Pick one of the answers and explain why that is the answer.) Answers: 1. Dr Notes Payable $1080            Cr Interest Payable $1080   2. Dr Interest Expense $270            Cr Notes Payable $270   3. Dr Interest Expense $270            Cr Interest Payable $270   4. Dr Interest Expense $1080            Cr Interest Payable $1080

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