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highlighted in red is incorrect, just wondering how to figure out what went wrong 3 B IVB A EEE 2 Merge & Center $ %

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3 B IVB A EEE 2 Merge & Center $ % F37 Slack Inc. loaned $320,000 on March 1, 2018. The note requires interest at 6% and principal to be paid in one year. 2 How much interest is recognized for the period from April 1 to December 31? 3 Prepare journal entries to: 1 Record the Note on March 1, 2018 2 Accrue the Interest through December 31 3 Record the repayment of the note on March 1, 2019. Debit Credit $ 320,000.00 Journal Entry 10 Notes Recievable (short term) 11 Cash 12 (record of note] 320,000 13 12,800 14 Cash 15 Interest Revenue 16 (record of interest through Dec) 12,800 17 3200 18 Cash 19 Notes Recievable 20 (payment of note] 320,000 SMS

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