Described below are certain transactions of Buffalo Corporation. The company uses the periodic inventory system. 1. 2. 3. On February 2, the corporation purchased goods from Flint Company for $68,000 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. On April 1, the corporation bought a truck for $48,000 from Crane Motors Company, paying $3,000 in cash and signing a 1- year, 12% note for the balance of the purchase price. On May 1, the corporation borrowed $88,700 from Chicago National Bank by signing a $96,980 zero-interest-bearing note due 1 year from May 1. Buffalo Corporation's year-end is December 31. Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting journal entries concerning interest that are necessary to present fair financial statements at December 31. Assume straight-line amortization of discounts. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) 0. Date Account Titles and Explanation December Interest Expense 31 Discount on Notes Payable December Retained Earnings 31 Dividends Payable December Dividends Payable 31 Cash Debit 5520 283500 283500 Credit 552 2835C 2835C