Problem 7-5A (Algo) Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted a(n) $14,000, 60-day, 9% note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $6,400, 9%, 90-day note in granting a time extension on the past due account receivable from Midnight Company. March 17 Accepted a $3,800, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note, May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $8, 300, 90-day, 12% note in granting a time extension on the past due account receivable of Mulan Company. September 3 Accepted a $3,380, 60-day, 11% note in granting Noah Carson a time extension on his past due account receivable. fiovember 2 Received payment of principal plus interest from Carson for the September 3 note. November 5 Received payment of principal plus interest from Hulan for the August 7 note. December 1 Wrote off the Privet account against the Allowance for Doubtful Accounts. Required: 1-6. First, complete the table below to calculate the interest amount at December 31, Year 1. 1-b. Use the calculated value to prepare your journal entries for Year 1 transactions. 1-c. First, complete the table below to calculate the Interest amounts. 1-d. Use those calculated values to prepare your journal entries for Year 2 transactions. 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? Complete this question by entering your answers in the tabs below.