On March 1, the Applewood Corporation wanted to purchase a $635,000 piece of equipment but Applewood was only able to furnish $177,800 of its own cash to purchase the equipment Applewood borrowed the remainder of the $635,000 from the People's National Bank on a 2year, 10.5% 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. Der (Record accrued interest expense) Feedback Theck My Work Expenses must be matched to the period they helped generate revenues. When calculating interest, consider the principal, the annual interest rate and the duration of the