On March 1, the Applewood Corporation wanted to purchase a $720,000 piece of equipment, but Applewood was only able to furnish $100,800 of its own cash to purchase the equipment. Applewood borrowed the remainder of the $720,000 from the People's National Bank on a 2-year, 8% note. Required: If the company keeps its records on a calendar year, what adjusting entry should Applewood make on December 31 ? If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Dec. 31 (Record accrued interest expense)