April Ltd. reported various selected balances in its 31 December 20X7 unadjusted trial balance:

Accounts receivable ...............$ 1,800,000 dr.

Special accounts receivable ............225,000 dr.

Accounts receivable— U. S. ............116,000 dr.

Allowance for doubtful accounts.......... 158,050 cr.

Allowance for sales discounts ...........45,000 cr.

The following transactions and events are noted:

1. An analysis of accounts receivable indicates that $ 800,000 are still in the discount period. An allowance of $ 80,000 is needed for sales discounts.

2. An analysis of accounts receivable indicated that $ 198,000 of accounts receivable should be written of. Of the remaining balance, 80% was current, and, fater the allowance for sales discounts, approximately 5% was deemed doubtful. Of the 20% noncurrent, 75% was doubtful.

3. he U. S. account receivable was recorded when the exchange rate was $ 1.16. he exchange rate at year- end was $ 1.12.

4. he special account receivable was a single account receivable from a customer with an excellent credit rating that was transferred to a financial institution at a discount rate  of 4% during the period. he cash collected from the financial institution was credited to an account called “ Miscellaneous credits.” Management has determined that this transaction was to be recorded as a sale/ derecognition but has not yet made the necessary entry.

5. he company has a note receivable that has not yet been recorded. he note is a $ 70,000, three-year note that bears an interest rate of 4%. Interest is paid annually. he note was issued on 1 November 20X7 because of a sale. he market interest rate for accounts of this risk is 8%.

Required:

Provide journal entries to reflect the above items.