The following transactions are from Ohlm Company (Use 360 days a year ) Year 1 Dec 16 Accepted a(n) $10,900, 60 day, 9 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) $7,900, 9 , 90 day note in granting a time extension on the past due account receivable from Midnight Co 17 Accepted a $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) $8,200, 90 day, 10 note in granting a time extension on the past due account receivable of Mulan Co Sep 3 Accepted a $2,650, 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 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 The following transactions are from Ohlm Company (Use 360 days a year ) Year 1 Dec 16 Accepted a(n) $10,900, 60 day, 9 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) $7,900, 9 , 90 day note in granting a time extension on the past due account receivable from Midnight Co 17 Accepted a $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) $8,200, 90 day, 10 note in granting a time extension on the past due account receivable of Mulan Co Sep 3 Accepted a $2,650, 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 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 Total Through Maturity Interest Recognized December 31 Principal Rate ( ) Time Total interest 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 Total Through Maturity Midnight Co Note March 2, Year 2 A Privet Note March 17, Year 2 Mulan Note August 7, Year 2 N Carson Note September 3, 2017 Principal Rate ( ) Time Total interest 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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The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a(n) $10,900, 60-day, 9% note in granting Danny

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

Dec.		16		Accepted a(n) $10,900, 60-day, 9% 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) $7,900, 9%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co.
	17	Accepted a $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) $8,200, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co.
Sep.	3	Accepted a $2,650, 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.	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.

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

Dec.		16		Accepted a(n) $10,900, 60-day, 9% 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) $7,900, 9%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co.
	17	Accepted a $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) $8,200, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co.
Sep.	3	Accepted a $2,650, 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.	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.

	Total Through Maturity	Interest Recognized December 31
Principal
Rate (%)
Time
Total interest

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.

	Total Through Maturity
	Midnight Co. Note - March 2, Year 2	A. Privet Note - March 17, Year 2	Mulan Note - August 7, Year 2	N. Carson Note - September 3, 2017
Principal
Rate (%)
Time
Total interest

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?