April Ltd reported various selected balances in its Dec 20X7 unadjusted trial balance:

A/R 1,800,000 dr.

Special A/R 225,000 dr.

A/R- US 116,000 dr.

Allow for Doubtful Accounts 158,050 cr.

Allow for Sales Discounts 45,000cr

The following transactions and events are noted:

1. Analysis of A/R indicates that 800,000 are still in discount period. An allowance of 80,000 is needed for sales discounts

2. An analysis of A/R indicated that 198,000 should be written off. Of the remaining balance, 80% was current and after the Allowance for sales discounts, approx 5% was deemed doubtful. Of the 20% noncurrent, 75% was doubtful

3 The US A/R was recorded when the exchage rate was $1.16. The exchange rate at year-end was $1.12

4. The Special A/R was a single A/R from a customer with an excellent credit rating that was transferred to a financial institution at a discount rate of 4% during the period. The cash collected from the financial institution was credited to an account called "miscellaneous credits". Management has determined that this transaction was to be recorded as a sale/derecognition but has not yet made the necessary entry.

5. The company has a note receivable that has not yet been recorded. The note is a $70,000, 3 year note that bears an interest rate of 4%. Interest is paid annually. The note was issued on 1 Nov 20X7 because of a sale. the market rate for accounts of this risk is 8%.

Required:

Provide the journal entries to reflect the above items.