The following selected transactions are from Lauer Company. :

Year 1

December 16Accepted a $16,800, 60-day, 12% note in granting Leslie Stone a time extension on his past-due account receivable.December 31Made an adjusting entry to record the accrued interest on the Stone note.

Year 2

February 14Received Stones payment of principal and interest on the note dated December 16.March 2Accepted a $11,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Griffin CompanyMarch 17Accepted a $5,400, 30-day, 8% note in granting Kay Wright a time extension on her past-due account receivable.April 16Wright dishonored her note.31Griffin Company dishonored its note.August 7Accepted a $16,000, 90-day, 8% note in granting a time extension on the past-due account receivable of Lee CompanySeptember 3Accepted a $7,800, 60-day, 10% note in granting Paul Brown a time extension on his past-due account receivable.November 2Received payment of principal plus interest from Brown for the September 3 note.November 5Received payment of principal plus interest from Lee for the August 7 note.December 1Wrote off the Wright account against the Allowance for Doubtful Accounts.

Lauer CompanyCalculation of interest revenueFebruary 14 - Stone note: Principal$16,800Interest rate12.0%Number of days' interest to be recorded in Year 245Principal x rate x days/360 =$252March 2 - Griffin note: Principal Interest rate Number of days' interest to be recorded in Year 2not attempted Principalnot attemptedInterest ratenot attemptedNumber of days' interest to be recorded in Year 2not attempted not attempted not attemptedNumber of days' interest to be recorded in Year 2not attempted not attempted not attemptedNumber of days' interest to be recorded in Year 2not attempted Total interest revenue - Year 2$