Accrued Interest On May 1, the Gamett Corporation wanted to purchase a $665,000 piece of equipment, but Garnett was only able to furnish $133,000 of its own cash to purchase the equipment. Com note. Required: If the company keeps its records on a calendar year, what adjusting entry should Gamett make on December 317 Round amounts to the nearest dollar Dec. 31 (Record accrued interest expense) ent, but Garnett was only able to furnish $133,000 of its own cash to purchase the equipment. Garnett borrowed the remainder of the $665,000 from the People's National Bank on a J-year, 6% Garnett make on December 317 Round amounts to the nearest dollar Previous Next >