Following are selected transactions Dulcinea Company for 2012.

Dec.	13	Accepted a $18,000, 45-day, 7% 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.

First, complete the table below to calculate the interest amounts at December 31^st. (Do not round your intermediate calculations. Use 360 days a year.)

	Total Thru maturity	Interest reconigized thru dec 31
principal
Rate (%)
Time
Total Interest

Use the calculated value to prepare your journal entries.

Record acceptance of a $18,000, 45-day, 7% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable.

Prepare an adjusting entry to record the accrued interest on the Lee note.