Intermediate accounting 14th edition, Kieso chapter 3 problem e3-8. in adjusting entry for end of august : On August 1 Bryant borrowed $60,000 from a local bank on a 15 year mortgae. The annual interest rate is 8%. I get the adjusting entry, $400 debit to interest expense and $400 credit to interest payable... but do we not address that this is a 15 year mortgage at all