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On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The

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On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $490,000 to its supplier using a 12-month, 10% note. Required: (027104 1. The loan of $490,000 and acceptance of the note receivable on April 1, 2021 2. The adjustment for accrued interest on December 31, 2021. 3. Cash collection of the note and interest on April 1, 2022 Record the above transactions for Shoemaker Corporation (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) Answer is not complete. NO Date General Journal Debit Credit April 01, 2021 Notes Receivable 490.000 Cash 490.000 December 31, 202 Interest Receivable 122,500 Interest Revenue OOOO OO OO April 01, 2022 Cash Interest Receivable Interest Revenue Notes Receivable

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