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The following transactions are from Ohlm Company.

Note: Use $360$ days a year.

Year $1$

December $16$ Accepted $a(n)$$$13,49,60-$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\%,96-$day note in granting a time extension on the past$-$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:

$1-$o$.$ 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?

Complete this question by entering your answers in the tabs below.

Required $1A$

Required $1B$

Required $1C$

Required $1$D

Required $2$

First, complete the table below to calculate the interest amount at December $31,$ Year $1.$

$\backslash$table$[[,\backslash$table$[[$Total Through$],[$Maturity$]],\backslash$table$[[$Interest$],[$Recognized$],[$December $31]]],[$Principal$,13,400,\backslash$table$[[$$$,13,400]]],[$Rate $(\%),796,796],[$Time$,\frac{60}{360},\frac{15}{360}$

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