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Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. Dec. 13 Accepted a $21,000, 45-day, 7% note

Required information

[The following information applies to the questions displayed below.] Following are transactions of Danica Company.

Dec. 13 Accepted a $21,000, 45-day, 7% note in granting Miranda Lee a time extension on her past-due account receivable.

31 Prepared an adjusting entry to record the accrued interest on the Lee note.

Complete the table to calculate the interest amounts at December 31^st and use the calculated value to prepare your journal entries

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Dec.		13		Accepted a $21,000, 45-day, 7% note in granting Miranda Lee a time extension on her past-due account receivable.
		31		Prepared an adjusting entry to record the accrued interest on the Lee note.