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Year 1 December 1 6 Accepted a ( n ) $ 1 3 , 4 0 0 , 6 0 - day, 7 % note

Year 1
December 16 Accepted a(n)$13,400,60-day, 7% note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note.
Year 2
February 14 Received Todd's payment of principal and interest on the note dated December 16.
March 2 Accepted a(n)$7,900,7%,90-day note in granting a time extension on the past-due account receivable from Midnight Company.
March 17 Accepted a $3,800,30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable.
April 16 Privet dishonored her note.
May 31 Midnight Company dishonored its note.
August 7 Accepted a(n)$7,450,90-day, 9% note in granting a time extension on the past-due account receivable of Mulan Company. September 3 Accepted a $2,150,60-day, 8% note in granting Noah Carson a time extension on his past-due account receivable.
November 2 Received payment of principal plus interest from Carson for the September 3 note.
November 5 Received payment of principal plus interest from Mulan for the August 7 note.
December 1 Wrote off the Privet account against the Allowance for Doubtful Accounts.
Required:
1-a. First, complete the table below to calculate the interest amount at December 31, Year 1.
1-b. Use the calculated value to prepare your journal entries for Year 1 transactions.
1-c. First, complete the table below to calculate the interest amounts.
1-d. Use those calculated values to prepare your journal entries for Year 2 transactions.
2. If OhIm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?
Complete this question by entering your answers in the tabs below.
\table[[Required 1A,Required 1B,Required 1C,Required 1D,Required 2]]
First, complete the table below to calculate the interest amount at December 31, Year 1.
\table[[Principal,\table[[Total Through],[Maturity]],\table[[Interest],[Recognized],[December 31]]],[$,13,400,$,13,400],[Rate (%),,7%,,7%
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