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could someone show me the process to obtain total interest? Required information (The following information applies to the questions displayed below.) Following are transactions of

could someone show me the process to obtain total interest? image text in transcribed
Required information (The following information applies to the questions displayed below.) Following are transactions of Danica Company. Dec. 13 Accepted a $18,000, 45-day, 7 note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $12,000, 108, 90-day note in granting a time extension on the past-due account receivable of Tomas Company 17 Accepted a $10,000, 30-day, Be note in granting H. Cheng a time extension on his past-due account receivable. Apr. 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co General Note H Cheng Note Journal Complete the table to calculate the interest amounts. Total Through Maturity $ Principal Rate(%) Time Total interest 18,000 7% 45/360 Amount Interest Accrued at Recognized December 31 January 27 $ 18,000 $ 18,000 7% 7% 18/360 27/360 KM Lee Note Tomas Co Note > .

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