The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16 Accepted a $10,800,60-day, 88 note in granting Danny Todcl a time extension on his past-due account reccivable. December 31 Nade an adjusting entry to record the acorued interest on the Todd aote. Year 2 Pebruary 14 Recaived Todd's paynent of principal and interest on the note dated December 16. Mareh 2 Accepted a $6,100,85,90-day note in granting a time extension on the past-due account receivable rrom Nidnight company March 17 hecepted a $2,400,30-day, 7 t note in granting Ava privet a time extension an her past-due account receivable. April 16 privet diahonored her note. May 31 Nidnight Company dishonored its ratn. August 7 Rocepted a $7,440,90day,10 note in granting a time extension on the post-due accunt receivable of Mulan Company. September 3 Accepted a $2,100,60-day, 10 s note in granting Noah cargon a time extension on his past-due account recaivable. November 2 Received payment of principal plus intereat from carson for the September 3 note. November 5 Received payment of principal plus interest from Mulan for the auquat 7 note. Decomber 1 Wrote off the Privet account against the Allowance for Doubteul Accounts. Required: 1-a. First, complete the table below to calculate the interest amount at December 31, Year 1. 1-b. Use the calculated value to prepare your joumal entries for Year 1 transactions. 1-c. First, complete the table below to calculate the interest amounts. 1-d. Use those calculated values to prepare your journal entries for Year 2 transactions. 2. If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16 Accepted a $10,800,60-day, 88 note in granting Danny Todcl a time extension on his past-due account reccivable. December 31 Nade an adjusting entry to record the acorued interest on the Todd aote. Year 2 Pebruary 14 Recaived Todd's paynent of principal and interest on the note dated December 16. Mareh 2 Accepted a $6,100,85,90-day note in granting a time extension on the past-due account receivable rrom Nidnight company March 17 hecepted a $2,400,30-day, 7 t note in granting Ava privet a time extension an her past-due account receivable. April 16 privet diahonored her note. May 31 Nidnight Company dishonored its ratn. August 7 Rocepted a $7,440,90day,10 note in granting a time extension on the post-due accunt receivable of Mulan Company. September 3 Accepted a $2,100,60-day, 10 s note in granting Noah cargon a time extension on his past-due account recaivable. November 2 Received payment of principal plus intereat from carson for the September 3 note. November 5 Received payment of principal plus interest from Mulan for the auquat 7 note. Decomber 1 Wrote off the Privet account against the Allowance for Doubteul Accounts. Required: 1-a. First, complete the table below to calculate the interest amount at December 31, Year 1. 1-b. Use the calculated value to prepare your joumal entries for Year 1 transactions. 1-c. First, complete the table below to calculate the interest amounts. 1-d. Use those calculated values to prepare your journal entries for Year 2 transactions. 2. If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables
