The ledger of Riverbed Corp. on March 31 of the current year includes the following selected accounts before quarterly adjusting entries have been prepared: Credit Debit $3,360 2.920 25,650 157.000 Prepaid Insurance Supplies Equipment FV-OCI Investments Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $7,320 20,000 8.250 58,800 -0- 14,700 An analysis of the accounts shows the following: 1. 2. 3. 4. 5. The equipment depreciation is $305 per month. One half of the unearned rent was earned during the quarter. Interest of $300 has accrued on the notes payable. Supplies on hand total $960. Insurance expires at the rate of $280 per month. The FV-OCI Investments were purchased for $157,000 on March 1. No investments were purchased or sold after that date. The fair value on March 31 was $177,000. 6. 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 for the amounts.) Debit Credit No. Account Titles and Explanation 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 %