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Detroit Ltd. provided management services to Michigan Corporation in exchange for a promissory note. On June 1, 2020, Michigan signed a promissory note, promising to

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Detroit Ltd. provided management services to Michigan Corporation in exchange for a promissory note. On June 1, 2020, Michigan signed a promissory note, promising to repay the funds plus interest. Michigan Corporation repaid the loan on October 1, 2020. Additional details pertaining to this loan follow: $ Fair value of management services Interest rate 122,000 9% Required: Prepare all of the journal entries on the books of Detroit to record the note receivable, assuming that Detroit's fiscal year end is July 31

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