On November 23, 2020, West Holdings Inc. asks to extend its past-due $6,000 accounts payable to Technology Inc. After some negotiations, Technology Inc. agrees to accept $1,000 cash and a 60-day, 12%, $5,000 note payable to replace the accounts payable. On December 31, 2020, West Holding Inc.'s year-end, accrued interest on the notes payable. Required: 1. Prepare the journal entry to record the accrued interest on December 31, 2020. Round to two decimal places