Exercise 7-11B Accounting for notes receivable Cachet Enterprises loaned $30,000 to Craft Co. on September 1, Year 1, for one year at 6 percent interest. Required Show the effects of the following transactions in a horizontal statements model like the one shown next. 1. The loan to Craft Co. 2. The adjustment at December 31, Year 1. 3. The adjustment and collection of the note on September 1, Year 2. Balance Sheet Income Statement Statement Assets = Llab. + Stk. Equity of Cash Flows Notes Int. Net Date Cash + Rec. + Rec. Ret. Earn. Rev. - Exp. = Inc. EXERCISE 7-11B Balance Sheet Income Statement Date Assets Equity Rev. - Exp. = Net Inc. Cash + Note Rec. + Int. Rec. =|Ret. Ear. 9/1/Year 1 12/31/Year 1 9/1/Year 2 9/1/Year 2