3. Record the following transactions for Lucea Corporation (7 marks):

Jul 1 Received an $8,000, 3%, 3-month note, dated July 1, from Frank Baker in payment of his open account. Interest is due at maturity.

Oct 1 Received notification from Frank Baker that he is unable to honour his note at this time. It is expected that Baker will pay at a later date.

Nov 15 Received full payment from Frank Baker for note receivable previously dishonoured.