Uncle Matthew's Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $76800 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? Interest Expense Interest Payable 2304 2304 Interest Expense 1536 Interest 1536 Payable Interest Expense 1536 Notes Payable 1536 Interest Expense 1536 Cash 1536