On November $1,2021,$ Hipps Company borrowed $$100,000$ from City National Bank on a $6-$month, $6\%$ note payable. The entire principal and interest is due on April $30,2022.$ If the company's year$-$end is December $31,2021,$ what adjusting entry should Hipps Company make on December $31,2021?$

$$ Debit Interest Expense $1,000$; Credit Interest Payable $1,000.$

$$ Debit Interest Expense $3,000$; Credit Interest Payable $3,000.$

$$ Debit Interest Expense $1,000$; Credit Cash $1,000.$

$$ Debit Interest Payable $1,000$; Credit Interest Expense $1,000.$ Using the same facts as in Question $3$ above, when Hipps Company repays the $$100,000$ note plus the interest on April $30,2022,$ the entry to record this transaction will debit Interest Expense in the amount of:

O $$2,000.$

$$ $$6,000.$

$$ $$1,000.$

$$ $$3,000.$