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why is this incorrect? Year 1 Dec. 16 Accepted a $14,300, 60-day, 94 note in granting Danny Todd a time extension on his past-due account

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why is this incorrect?

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Year 1 Dec. 16 Accepted a $14,300, 60-day, 94 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 Todd's payment of principal and interest on the note dated December 16. Mar . 2 Accepted a(n) $6,900, 96, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a(n) $2,400, 30-day, 78 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, 450, 90-day, 1lt note in granting a time extension on the past-due account receivable of Mulan Co. Sep . 3 Accepted a(n) $2,280, 60-day, 98 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 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? x Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 1D Required 2 First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.) Total Through Maturity Midnight A. Privet Mulan Note Midnight N. Carson Co. Note - Note - August 7, Co. Note - Note - March 2, March 17, May 31, September Year 2 Year 2 Year 2 Year 2 3, 2017 Principal $ 6,900 $ 2,400 $ B,450 $ 6,900 x $ 2,280 Rate (%) 9% 7% 11% 9% 9% Time 90/360 30/360 90/360 46/360 60/360 Total interest 155 $ 14 232 $ 155 X $ 34 Required 1B Required 1D >

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