P8-6B On January 1, 2014, Alter Company had Accounts Receivable $154,000; NotesReceivable of $12,000; and Allowance for Doubtful Accounts of $13,200. The note receivableis from Hartwig Company. It is a 4-month, 9% note dated December 31, 2013. AlterCompany prepares financial statements annually. During the year, the following selectedtransactions occurred.Jan. 5 Sold $10,000 of merchandise to Flynn Company, terms n/15. 20 Accepted Flynn Companys $10,000, 3-month, 6% note for balance due.Feb. 18 Sold $4,000 of merchandise to Mink Company and accepted Minks $4,000,6-month, 8% note for the amount due.Apr. 20 Collected Flynn Company note in full. 30 Received payment in full from Hartwig Company on the amount due.May 25 Accepted Creech Inc.s $9,000, 6-month, 4% note in settlement of a past-duebalance on account.Aug. 18 Received payment in full from Mink Company on note due.Sept. 1 Sold $5,000 of merchandise to Glazer Company and accepted a $5,000,6-month, 6% note for the amount due