Accrued Interest On March 1, the Applewood Corporation wanted to purchase a $315,000 piece of equipment, but Applewood was only able to furnish $44,100 of its own cash to purchase the equipment. Applewood borrowed the remainder of the $315,000 from the People's National Bank on a. 2 -year, 6% note. Required: If the company keeps its records on a colendar year, what adjusting entry should Applewood make on December 31 ? If an amount box does not require an entry, lesve it blank. When required, round your answers to the nearest dollar. Dec,31 (Record accryed interest expense)