On January 1, 2020, Sandhill Company had Accounts Receivable $130,400, Notes Receivable $34,800, and Allowance for Doubtful Accounts $22,900. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2019. Sandhill Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 20 Feb. 18 Apr. 20 30 May 25 Aug. 18 25 Sept. 1 Sold $29,900 of merchandise to Sheldon Company, terms n/15. Accepted Sheldon Company's $29,900, 3-month, 8% note for balance due. Sold $18,600 of merchandise to Patwary Company and accepted Patwary's $18,600, 6-month, 9% note for the amount due. Collected Sheldon Company note in full. Received payment in full from Willingham Company on the amount due. Accepted Potter Inc's $14,800, 3-month, 7% note in settlement of a past-due balance on account. Received payment in full from Patwary Company on note due. The Potter Inc. note was dishonored. Potter Inc. is not bankrupt; future payment is anticipated. Sold $12,000 of merchandise to Stanbrough Company and accepted a $12,000, 6-month, 10% note for the amount due.