Describe the financial effects of the kan of 5.480,000 and acceptance of the note receovable on Aprif 1,2024 Noter Amourfs to be deducted should be insicaled by a minus tign.) On April 1, 2024, Washitenaw Corporation realizes that one of its matn suppliers is having difficulty meeting delivery schedules, which is hurting Washtenaw's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Washtenaw agrees to lend $480,000 to its supplier using a 12 month, 1226 note. Required: Delermine the financial statement effects of the following transactions for Washtenaw Corporation: 1. The loan of $480,000 and acceptance of the note recelvable on April 1.2024 2 interest accived on December 31, 2024 3. Cash collection of the note and interest on Aptili 1, 2025. ce of the note receivable on April 1, 2024. 1. 2025. \begin{tabular}{|c|c|c|c|c|} \hline & & \multicolumn{3}{|c|}{ Income statement } \\ \hline \multicolumn{2}{|c|}{ Stockholders' Equity } & \multirow{2}{*}{ Revenues } & \multirow{2}{*}{ Expenses } & \multirow{2}{*}{ Net income } \\ \hline Common Stock. & Retsined Earnings & & & \\ \hline & & & & \\ \hline & . & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular} Bequored 1 Requred 2 Aneared a Describe the financiat effects of cash colection of the note and interest on April 1, 2025. Describe the financial effects of lintetest accrued on December 31. 2024