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On March 1, Year 1, a company loans cash to another company and accepts a note in return. The terms of the note are provided below. Required: 1. Prepare the journal entry to be made when the company makes the loan and accepts the note in return. 2. Calculate the interest revenue to be recorded at the end of each year the note is outstanding. 3. Prepare the journal entries to accrue the interest receivable for each year the note is outstanding. 4. Prepare the journal entry to record receiving the cash at the note's maturity. Requirement 1: Journal entry for acceptance of note on March 1, Year 1 (Use cells A2 to 88 from the given information above to complete this question.) 23. Requirement 2: Interest revenue reported each year (Use cells A2 to 88 from the given information above to complete this question. Hint: in your formulas, use references to cell B 7 for the interest rate and cells 828 through 831 for the fraction of the vear that the note was outstanding. Assume interest is calculated as simple interest on the intial principal only. 33. Requirement 3: Journal entry for accrued interest on December 31 of (a) Year 1, (b) Year 2, and (c) Year 3 On March 1, Year 1, a company loans cash to another company and accepts a note in return. The terms of the note are provided below. Required: 1. Prepare the journal entry to be made when the company makes the loan and accepts the note in return. 2 Calculate the interest revenue to be recorded at the end of each year the note is outstanding. 3. Prepare the journal entries to accrue the interest recelvoble for each year the note is outstanding. 4 Prepare the journal entry to record recelving the cash at the note's maturity. 1. Use the Open Excel in New Tab button to lounch this question. 2. When finished in Excel, use the Sove ond Return to Assignment button in the lower right to return to Connect. Requirement 4: Journal entry for collection of note on March 1, Year 4 (Use cells A2 to 88 from the given information above to complete this question.) Students: The scratchpad area is for you to do any additional work you need to solve this question or can be use Nothing in this area will be graded, but it will be submitted with your assignment. (Use cells A2 to B8 from the given information above to complete this question. Hint: In your formulas, use references to cell B7 for the interest rate and cells B28 through B31 for the fraction of the year that the note was outstanding. Assume interest is calculated as simple interest on the initial principal only.) 2. 3. Requirement 3: Journal entry for accrued interest on December 31 of (a) Year 1, (b) Year 2, and (c) Year 3 (Use cells A2 to 88 from the given information above to complete this question.)

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