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Blue Spruce Company Ltd, publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $26 per year. During November 2022, Blue Spruce sells 6,780 subscriptions for cash, beginning with the December issue. Blue Spruce prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year end. Prepare the adjusting entry at March 31, 2023, to record subscription revenue in the first quarter of 2023. (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.) Date Account Titles and Explanation Debit Credit Mar 31 Wilkinson Company had the following transactions involving notes payable. Aug, 1.2020 Borrows $80,000 from City National Bank by signing a 9-month. 9% note. Dec. 1, 2020 Borrows $90,000 from Admire State Bank by signing a 3-month, 10% note. Dec 31, 2020 Prepare adjusting entries. Mar. 1.2021 Pays principal and interest to Admire State Bank. Your answer is incorrect. What amount of interest expense is reported in the 2020 income statement? Interest Expense $