Use the calculated value to prepare your journal entries.

Dec 13, 2012

• Record acceptance of a $9,500, 45-day, 8% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable.

Dec 31, 2012

• Prepare an adjusting entry to record the accrued interest on the Lee note.

Following are selected transactions Dulcinea Company for 2012 Dec. 13 Accepted a S9.500. 45-day. 8% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable 31 Prepared an adjusting entry to record the accrued interest on the Lee note. First, complete the table below to calculate the interest amounts at December 31st. (Do not round your intermediate calculations. Use 360 days a year.)