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Calculator On January 1, Marshall Co. issued a $360,000, three year, 6% Installment note payable with payments of $134,680 principal and interest due on January 1 for each of the next three years. 1. Prepare the adjusting journal entry to accrue interest at December 31, Year 2. If required, round answers to the nearest whole amount. Interest Expense 14,400 Interest Payable 14.400 2. Show the account(s) and amount(s) and where it(they will appear on a classified balance sheet prepared on December 31, Year 2. If required, round answers to the nearest whole amount. Partial Balance Sheet Current abilities Notes Payable Notes Payable current portion Long-Term Liabilities Interest Payable $ 1400