Date Cr. Recording and Reporting Transactions with Short-Term, Interest-Bearing Note Receivable On April 1, 2020, Welsch Company sold merchandise to Customer Rodriguez for $28,800, terms 2/10, 1/30. Because of nonpayment by Rodriguez, Welsch received a $28,800, 10% 12-month note dated May 1, 2020. The stated rate and the market rate are equal. The company's annual reporting period ends December 31. Customer Rodriguez paid the note in full, plus cash interest, on its maturity date. Required a. Prepare all entries for Welsch related to the above transactions, including any year end adjustments. Welsh uses the gross method for cash discounts. Account Name Dr. April 1, 2020 Accounts Receivable 28.800 Sales Revenue 0 May 1, 2020 Note Receivable 28.500 Accounts Receivable Dec 21, 2020 interest Receivable 2.400 Interest Revenue 2.400 April 30, 2021 Cash 32.400 . Interest Revenue 28.800 Interest Receivable Note Receivable 0 1,200 . 28.800 . 0 28.800 0 . 0 O 0 2.400 . b. Show what should be presented on the 2020 income statement and balance sheet 28.800 Income Statement, 2020 Sales revenue $ Interest revenue 1 2.400 Balance Sheet, December 31, 2020 Not receivable 28.800 Interest receivable 5 2.400 7:31 PM