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On March 1, the Applewood Corporation wanted to purchase a $355,000 piece of equipment, but...

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Accounting

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On March 1, the Applewood Corporation wanted to purchase a $355,000 piece of equipment, but Applewood was only able to furnish $56,800 of its own cash to purchase the equipment. Applewood borrowed the remainder of the $355,000 from the People's National Bank on a 2-year, 9.5% note. Required: If the company keeps its records on a calendar year, what adjusting entry should Applewood make on December 31 ? If an amount box does not require an entry, leave it blank. Whe required, round your answers to the nearest dollar. Dec. 31 (Record accrued interest expense)

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