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 $480,000 to its supplier using a 12-month, 12% note. Required:

1. The loan of $480,000 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.)

1. Journal entry worksheet

• Record the loan of $480,000 and acceptance of the note receivable on April 1, 2021.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
April 01, 2021

2. Journal entry worksheet

• Record the adjusting entry for accrued interest.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
December 31, 2021

3. Journal entry worksheet

• Record the cash collection.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
April 01, 2022