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Following are transactions of Danica Company. Dec. 13 Accepted a $27,000, 45-day, 7% note in granting Miranda Lee a time extension on her past-due account

Following are transactions of Danica Company.

Dec. 13 Accepted a $27,000, 45-day, 7% note 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.

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