8 On December 31, 2023, Marigold Link Corporation received a four-year, 6%,$536,000 bank loan. The terms provide for payment of the bank loan with semi- annual instalment payments of $76, 357 principal and interest, starting onJune 30. Marigold has a March 31 year end and records adjusting entriesannually. Record the accrual of interest on march 31, 2024. What i did waswrong(b)Your answer is partially correct.Date Account TitlesRecord the accrual of interest expense on March 31, 2024. (Credit account titles are automatically indented when the amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entrybefore credit entry.)Mar. 31Interest ExpenseGInterest PayableCDebit4,020Credit4,020

The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

On December 31, 2023, Marigold Link Corporation received a four-year, 6%, $536,000 bank loan. The terms provide for payment of the bank loan with semi - annual instalment payments of $76, 357 principal and interest, starting on June 30. Marigold has a March 31 year end and records adjusting entries annually. Record the accrual of interest on march 31, 2024. What i did was