Exercise 5-74 Accounting for Notes Receivable-Honoured and Dishonoured On November 30, 2018, Tucker Products performed computer programming services for Damascus Inc. in exchange for a five-month, $75,000, 10% note receivable. Damascus Inc. paid Tucker the full amount of interest and principal on April 30, 2019. Tucker has a December 31 year-end. Required: 1. Prepare the necessary entries for Tucker to record the transactions described above. For a compound transaction, if those boxes in which no entry is required, leave the box blank. If required, round amounts to the nearest dollar. 2018, Nov. 30 Notes Receivable 75,000 Service Revenue 75,000 (Record adjusting entry for bad debt expense estimate) 2018, Dec. 31 Interest Receivable 625 Interest Income 625 (Record accrued interest income) 2019, Apr. 30 Cash 78,125 0 Notes Receivable 0 75,000 Interest Receivable 0 625 Interest Income 0 2,500 Feedback Check My Work Correct 0 2. Prepare the journal entry required if the note is dishonoured on April 30, 2019. For those boxes in which no entry is required, leave the box blank. 2019, Apr. 30 Allowance for Doubtful Accounts 75,625 x Notes Receivable o 75,000 Interest Receivable 625 X (To record dishonoured note) Feedback Check My Work Partially correct Feedback Check My Work Partially correct