December 16 Accepted a(n) $13,600, 60-day, 8% note in granting Danny Todd a time extension on his past-due account recei

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December 16 Accepted a(n) $13,600, 60-day, 8% note in grantingDanny Todd a time extension on his past-due account receivable.December 31 Made an adjusting entry to record the accrued intereston the Todd note. Year 2 February 14 Received Todd’s payment ofprincipal and interest on the note dated December 16. March 2Accepted a(n) $6,300, 8%, 90-day note in granting a time extensionon the past-due account receivable from Midnight Company. March 17Accepted a $3,900, 30-day, 7% note in granting Ava Privet a timeextension on her past-due account receivable. April 16 Privetdishonored her note. May 31 Midnight Company dishonored its note.August 7 Accepted a(n) $7,750, 90-day, 11% note in granting a timeextension on the past-due account receivable of Mulan Company.September 3 Accepted a $3,980, 60-day, 12% note in granting NoahCarson a time extension on his past-due account receivable.November 2 Received payment of principal plus interest from Carsonfor the September 3 note. November 5 Received payment of principalplus interest from Mulan for the August 7 note. December 1 Wroteoff the Privet account against the Allowance for DoubtfulAccounts.
Required: 1-a. First, complete the table below to calculate theinterest amount at December 31, Year 1.
1-b. Use the calculated value to prepare your journal entriesfor Year 1 transactions.
1-c. First, complete the table below to calculate the interestamounts.
1-d. Use those calculated values to prepare your journal entriesfor Year 2 transactions.
2. If Ohlm pledged its receivables as security for a loan fromthe bank, where on the financial statements does it disclose thispledge of receivables?