On April $1,2024,$ Macomb Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Macomb's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Macomb agrees to lend $$530,000$ to its supplier using a $12-$month, $12\%$ note.

Required:

Record the following transactions for Macomb Corporation:

The loan of $$530,000$ and acceptance of the note receivable on April $1,2024.$

The adjusting entry for accrued interest on December $31,2024.$

Cash collection of the note and interest on April $1,2025.$

$($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

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$3$

Record the loan of $$530,000$ and acceptance of the note receivable on April $1,2024.$