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

Dec.		16		Accepted a $11,700, 60-day, 6% 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) $7,400, 6%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co.
		17		Accepted a(n) $2,200, 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) $8,250, 90-day, 12% note in granting a time extension on the past-due account receivable of Mulan Co.
Sep.		3		Accepted a(n) $3,770, 60-day, 11% 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. 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?

Use those calculated values to prepare your journal entries for Year 2 transactions. No Debit Credit Date Feb 14 1 11,840 General Journal Cash Interest revenue Notes receivable-D. Todd Interest receivable 111 11,700 29 2 Mar 02 7,400 Notes receivableMidnight Co Accounts receivableMidnight Co 7,400 3 Mar 17 2,200 Notes receivableA. Privet Accounts receivableA. Privet 2,200 4 Apr 16 2,213 Accounts receivableA. Privet Notes receivableA. Privet Interest revenue 2,200 13 5 May 31 7,511 Accounts receivableMidnight Co Notes receivableMidnight Co Interest revenue 7,400 111