If Lucky Co. defaults on the note from Exercise 5, what would be the journal entry for

Question:

If Lucky Co. defaults on the note from Exercise 5, what would be the journal entry for April Co., assuming a $10 protest fee?
In Exercise 5, April Co. received a $30,000, 4%, 60-day note from Lucky Co. dated August 6. On August 30 Lucky discounted the note at Better Bank, which charged a of 5%. Calculate the following:

Discount Rate
Depending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal...