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The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $14,700, 60-day, 7% note in granting Danny

The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1

Dec. 16 Accepted a $14,700, 60-day, 7% note in granting Danny Todd a time extension on his past-due account receivable.
31 Made an adjusting entry to record the accrued interest on the Todd note.

Year 2

Feb. 14 Received Todds payment of principal and interest on the note dated December 16.
Mar. 2 Accepted a(n) $7,700, 7%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co.
17 Accepted a(n) $3,900, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable.
Apr. 16 Privet dishonored her note.
May 31 Midnight Co. dishonored its note.
Aug. 7 Accepted a(n) $8,850, 90-day, 8% note in granting a time extension on the past-due account receivable of Mulan Co.
Sep. 3 Accepted a(n) $3,360, 60-day, 8% note in granting Noah Carson a time extension on his past-due account receivable.
Nov. 2 Received payment of principal plus interest from Carson for the September 3 note.
Nov. 5 Received payment of principal plus interest from Mulan for the August 7 note.
Dec. 1 Wrote off the Privet account against the Allowance for Doubtful Accounts.

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 journal 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 Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?

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