The ledger of Martinez Corp. on March 31 of the current year includes the following selected accounts before quarterly adjusting entries have been prepared: Debit Credit Prepaid Insurance $3,660 Supplies 2,500 Equipment 25,600 FV-OCI Investments 172,000 Accumulated Depreciation-Equipment $8,520 Notes Payable 25,400 Unearned Rent Revenue 9,000 Rent Revenue 58,200 Interest Expense -0- Salaries and Wages Expense 14,500 An analysis of the accounts shows the following: 1. 2. The equipment depreciation is $355 per month. One half of the unearned rent was earned during the quarter. Interest of $381 has accrued on the notes payable. 3. 4. Supplies on hand total $940. Insurance expires at the rate of $305 per month. ch 5. 6. The FV-OCI Investments were purchased for $172,000 on March 1. No investments were purchased or sold after that date. The fair value on March 31 was $192,000. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. If the notes payable have been outstanding since January 1 of the current year, what is the annual interest rate on the notes payable? (Round answer to 2 decimal places, e.g. 15.25%.) Annual Interest Rate %