Cornerstone Exercise 8-22 (Algorithmic) Accrued Interest On May 1, Astrauckas, Inc. borrowed $45,000 from the Savings Bank of Scotville on a 1-year, 8% note. Required: If the company keeps its records on a calendar year, what adjusting entry should Astrauckas make on December 31? Dec. 31 Interest Expense 2,520 x Interest Payable 2.520 x (Record accrual of interest expense)