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On November 10, 2021, Lana's Shoe Co. borrows $70,000 for cash by signing a 90-day, 7%, note payable. On December 31, 2021, the business accrued

On November 10, 2021, Lana's Shoe Co. borrows $70,000 for cash by signing a 90-day, 7%, note payable. On December 31, 2021, the business accrued interest on the notes payable.

Question: create the journal entry to record the accrued interest on December 31, 2021 (Round to 2 decimal places).

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