The following transaction took place for smart solutions ltd July 1, 2009 Loaned $70000 to an employee of the company and received back a one year loan 10 percent note Dec, 31- Accrued interest on the note July 1, 2010 Received interest and principal on the note. (No interest has been recorded since December 31) Required: Prepare journal entries that smart solutions ltd would record for the above transaction