On April $1,2024,$ Macomb Corporation realizes that one of its main suppliers is having difficulty meeting dellvery schedules, which is hurting Macomb's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Macomb agrees to lend $$470,000$ to its supplier using a $12-$month, $11\%$ note.

Required:

Determine the financial statement effects of the following transactions for Macomb Corporation.

The loan of $$470,000$ and acceptance of the note receivable on April $1,2024.$

Interest accrued on December $31,2024.$

Cash collection of the note and interest on April $1,2025.$

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Describe the financial effects of the loan of $$470,000$ and acceptance of the note receivable on April $1,2024.$

Note: Amounts to be deducted should be indicated by a minus sign.$)$