Following are transactions of Danica Company.

Dec. 13 Accepted a $10,000, 45-day, 6% 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.

Require:

1. Calculate the total interest through maturity and interest recognized at December 31

2. Prepare the journal entries for Dec 13 and Dec 31.