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Following are selected transactions Danica Company for 2014 and 2015 2014 Dec. 13 Accepted a $22,000, 45-day, 8% note dated December 13 in granting Miranda
Following are selected transactions Danica Company for 2014 and 2015 2014 Dec. 13 Accepted a $22,000, 45-day, 8% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable 31 Prepared an adjusting entry to record the accrued interest on the Lee note 2015 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13 Mar. 3 Accepted a $16,000, 8%, 90-day note dated March 3 in granting a time extension on the past due account receivable of Tomas Company 17 Accepted a $14,000, 30-day, 10% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable Apr. 16 H. Cheng dishonors his note when presented for payment. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts June 1 Received the Tomas payment for principal and interest on the note dated March 3 First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.) M. Lee Note: Total Through Maturity Amount Accrued at December 31 Interest Recognized January 27 Principal Rate (%) Time Total interest Total Through Maturity Principal Rate (%) Time Total interest
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