Year 2

February 14Received Todds payment of principal and interest on the note dated December 16.March 2Accepted a(n) $7,400, 9%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company.March 17Accepted a $3,200, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable.April 16Privet dishonored her note.May 31Midnight Company dishonored its note.August 7Accepted a(n) $7,800, 90-day, 11% note in granting a time extension on the past-due account receivable of Mulan Company.September 3Accepted a $3,880, 60-day, 12% note in granting Noah Carson a time extension on his past-due account receivable.November 2Received payment of principal plus interest from Carson for the September 3 note.November 5Received payment of principal plus interest from Mulan for the August 7 note.December 1Wrote 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?

Decenber 16 Accepted a(n) $13,700,68-day, 9 note in granting Danny Todd a tifie extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year2 Februry 14 Received Todd's payment of principal and interest on the note dated Decenber 16. March 2 Accepted a(n) 57,460,94,90-day note in granting a time extension on the past-due account receivable fron Midnight Company. March-17 Accepted a $3,203, 30-day, 74 note in granting Ava Privet a tine extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Conpany dishonored its note. August 7 . Accepted a( n) s7, 800,90 -day, 114 note in granting a t ime extension on the, past-due account receivable of Mutan Company. Septeeber 3. Accepted a $3,880,60-day, 124 note in granting Noah Carson a time extension on his past-due account receivable. Noverber 2 Received payment of principal plus interest fron Carson for the Septenber 3 note. Noveeber 5 Received payment of principal plus interest from Mulan for the August: 7 note. Decesber 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