Weldon Corporation fiscal year ends December 31. The following is a list of transactions involving receivable that occurred during 2016: Mar 17 Accounts receivable of s1,700 were written off as uncollectible The company uses the allowance method. 30 Loaned an officer of the company s20,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2017. May 30 Discounted the s20,000 note at a local bank. The bank's discount rate is 8%. The note discounted without recourse and the sale criteria are met. was June 30 Sold merchandise to the Blankenship Company for $12,000. Terms of the sale are 2/10, n/30 Weldon uses the gross method to account for cash discounts