The following notes receivable transactions occurred for Harris Company during the last three months of the current year. $($Assume all notes are dated the day the transaction occurred.$)$

Oct. $9$ Received a $$5,000,12\%,60-$day note from K$.$ Weedon, a customer.

$12$ Received a $$6,000,10\%,90-$day note from M$.$ Black, a customer.

$15$ Sold the Weedon note with recourse at the bank at $14\%.$ The fair value of the recourse liability is estimated to be $$1,230.$

Nov. $11$ Sold the Black note with recourse at the bank at $15\%.$ The fair value of the recourse liability is estimated to be $$850.$

$16$ Received an $$8,000,12\%,60-$day note from B$.$ Butcher, a customer.

$20$ Received a $$6,000,11\%,120-$day note from D$.$ Goldman, a customer.

Dec. $1$ Received a $$9,000,13\%,60-$day note from S$.$ Lambert, a customer.

$8$ Received notice that the Weedon note was paid at maturity.

$10$ Sold the Goldman note without recourse at the bank at $13\%.$

Required:

$1.$ Prepare the journal entries to record the preceding note transactions and the necessary adjusting entries on December $31.($Assume that Harris does not normally sell its notes and uses a $360-$day year for the purpose of computing interest. Round all calculations to the nearest penny.$)$

$2.$ Show how Harris$$ notes receivable would be disclosed on the December $31$ balance sheet. $($Assume these are the only note transactions encountered by Harris during the year.$)$The following notes receivable transactions occurred for Harris Company during the last three months of the current year. $($Assume all notes are dated the day the transaction occurred.$)$

Oct. $9$ Received a $$5,000,12\%,60-$day note from K$.$ Weedon, a customer.

$12$ Received a $$6,000,10\%,90-$day note from M$.$ Black, a customer.

$15$ Sold the Weedon note with recourse at the bank at $14\%.$ The fair value of the recourse liability is estimated to be $$1,230.$

Nov. $11$ Sold the Black note with recourse at the bank at $15\%.$ The fair value of the recourse liability is estimated to be $$850.$

$16$ Received an $$8,000,12\%,60-$day note from B$.$ Butcher, a customer.

$20$ Received a $$6,000,11\%,120-$day note from D$.$ Goldman, a customer.

Dec. $1$ Received a $$9,000,13\%,60-$day note from S$.$ Lambert, a customer.

$8$ Received notice that the Weedon note was paid at maturity.

$10$ Sold the Goldman note without recourse at the bank at $13\%.$

Required:

$1.$ Prepare the journal entries to record the preceding note transactions and the necessary adjusting entries on December $31.($Assume that Harris does not normally sell its notes and uses a $360-$day year for the purpose of computing interest. Round all calculations to the nearest penny.$)$

$2.$ Show how Harris$$ notes receivable would be disclosed on the December $31$ balance sheet. $($Assume these are the only note transactions encountered by Harris during the year.$)$