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Discounting a Note Receivable Sonic Inc. received from a customer a $ 1 , 0 0 0 , 9 % interest - bearing note that

Discounting a Note Receivable
Sonic Inc. received from a customer a $1,000,9% interest-bearing note that will mature in three months. Two months later, Sonic Inc. discounted the note to the bank at a charge of 12%. Provide the journal entries made by Sonic Inc. to (1) accrue interest to the date the note was discounted and (2) record the discounting of the note receivable.
Note: Round your answers to the nearest whole dollar.

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