On April $1,2024,$ Oakland Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Oakland's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Oakland agrees to lend $$510,000$ to its supplier using a $12-$month, $11\%$ note.

Required:

Record the following transactions for Oakland Corporation:

The loan of $$510,000$ 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

$1$

$2$

$3$

Record the loan of $$510,000$ and acceptance of the note receivable on April $1,2024.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$April $01,2024,,,],[,,,],[,,,]]$