The following transactions took place for Smart Solutions Inc.

		2017
a.		July		1		Loaned $70,000 to an employee of the company and received back a one-year, 10 percent note.
b.		Dec.		31		Accrued interest on the note.
		2018
c.		July		1		Received interest on the note. (No interest has been recorded since December 31.)
d.		July		1		Received principal on the note.

Required:

Prepare the journal entries that Smart Solutions Inc. would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)