Described below are certain transactions of Teal Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Martin Company for $71,800 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. 2. On April 1, the corporation bought a truck for $45,000 from General Motors Company, paying $5,000 in cash and signing a one-year, 10% note for the balance of the purchase price. 3. On May 1, the corporation borrowed $77,300 from Chicago National Bank by signing a $85,580 zero-interest-bearing note due one year from May 1. 4. On August 1, the board of directors declared a $304,400 cash dividend that was payable on September 10 to stockholders of record on August 31. Purchases 70364 Accounts Payable Accounts Payable 70364 Purchase Discounts Lost 1436 Cash Trucks Cash Notes Payable Cash 77300 Discount on Notes Payable 8280 Notes Payable Retained Earnings 304400 Dividends Payable Dividends Payable 304400 Cash Teal 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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)