Following are selected transactions of Danica Company for 2016. Dec. 13 Accepted a $28,000, 45-day, 6% 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. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. (Do not round your intermediate calculations. Use 360 days a year.)

Complete the table to calculate the interest amounts at December 31^st.

		Interest
	Total Through	Recognized
	Maturity	December 31
Principal
Rate (%)
Time
Total interest

Journal entry worksheet

• Record acceptance of a $28,000, 45-day, 6% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Dec 13, 2016