Winston Company, which has a December 31, year end, has the following notes receivable. Winston records adjusting entries only at year end.

Issue date	Term	Amount	Interest rate	Interest payable
1. March 1/07	3 years	$10,000	6%	Monthly, 1st of the month
2. Sept 1/08	6 months	18,000	5%	Upon maturity
3. Dec 1/08	1 year	50,000	10%	Monthly, last day of the month

Instructions: (6 Marks)

(a) Prepare the adjusting entry at December 31, 2008 to record accrued interest receivable.

(b) Calculate the total interest revenue that will be reported in the December 31, 2008 financial statements.

(c) Indicate where each of the notes will be reported on Winstons December 31, 2008 balance sheet.