[The following information applies to the questions displayed below.] They are all the same 1-4

Agrico, Inc., accepted a 10-month, 11% (annual rate), $4,400 note from one of its customers on May 15, 2016; interest is payable with the principal at maturity.

1. Prepare the horizontal model to record the interest earned by Agrico during its year ended December 31, 2016.

2. Prepare the journal entry to record the interest earned by Agrico during its year ended December 31, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.)

3. Prepare the horizontal model to record collection of the note and interest at maturity. (Use amounts with + for increases and amounts with for decreases.)

Journal Entry Werkht