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Following are the selected transactions of Danica Company for 2015. Dec. 13 Accepted a $25,000, 45-day, 10% note dated December 13 in granting Miranda Lee

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Following are the selected transactions of Danica Company for 2015. Dec. 13 Accepted a $25,000, 45-day, 10% note dated December 13 in granting Miranda Lee a time extension on her pas 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 31st (Do not round intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year.) Interest Total Through Recognized December 31 $ 25,000 Maturity 25,000 Principal Rate (%) Time Total interest 101% 101% 45/360 18/360

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