A company exchanges its old office equipment and $80200 for new office equipment. The old office equipment has a book value of $55100 and a fair value of $39900 on the date of the exchange. The cost of the new office equipment would be recorded at $95400. $135300. $120100. cannot be determined. Watunga County Bank agrees to lend Sunland Granite Company $597000 on January 1. Sunland Granite Company signs a $597000, 8%, 9-month note. What is the adjusting entry required if Sunland Granite Company prepares financial statements on June 30? 23880 Interest Expense Interest Payable 23880 23880 Interest Payable Interest Expense 23880 23880 Interest Expense Cash 23880 Interest Payable 23880 Cash 23880