On April 1, Year 1, a company realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting the company's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. The company agrees to lend $550,000 to its supplier using a 12-month, 10% note. Required: 1. The loan of $550,000 and acceptance of the note receivable on April 1. Year 1 2. The adjustment for accrued interest on December 31, Year 1. 3. Cash collection of the note and interest on April 1. Year 2 Record the above transactions for the company. (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 550,000 April 01 Notes Receivable Cash 550,000 41,250 December 31 Interest Receivable Interest Revenue 41.250 o April 01 550.000 41.250 13.750 Notes Receivable Interest Receivable Interest Revenue Cash olo 605,000 72 of 24 Next >