The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a(n) 512,680, 68-day, st note in granting Danny Todd a tine 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 Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $7,500, 85, 90 day note in granting a tine extension on the past due account receivable from Midnight Co. 17 Accepted a $3,800, 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) $5,800, 90-day, 9% note in granting a time extension on the past-due account receivable of Mulanco Sep 3. Accepted a $3,890, 60-day, 10% 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. S Received payment of principal plus interest from rulan for the August 7 note. Dec. 1 wrote off the Privet account against the Allowance for Doubtful 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 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 Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? Nov. 2 Received payment of principal plus interest from Carson for the September 3 note. un carton a time extension on his past-due account receivable, 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 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 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? Complete this question by entering your answers in the tabs below. Required 2A Required 15 Required 10 Required 10 Required 2 First, complete the table below to calculate the interest amount at December 31, Year 1. Total Through Interest Maturity Recognized December 31 12,6001 s 12.600 890 89 Principal Rate (9)
