Question: On July 1, Brimley Company issued a note with First National Bank with terms of 2 years and 10% interest to finance its inventory purchase

On July 1, Brimley Company issued a note with First National Bank with terms of 2 years and 10% interest to finance its inventory purchase of 1,000 plasma televisions with a list price of $2,750 each.
Required:
What adjusting entry should Brimley make at December 31?

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