On April $30,2024,$ Regal Bank loaned $$80,000$ to Kelly Perry on a one$-$year, $6\%$ note. Regal's fiscal year ends on December $31.$

Read the requirements

$2024$

Apr. $30$

Note Receivable$-$Kelly Perry

Cash

Accepted note in exchange for cash.

Record the entry to accrue interest revenue on the Perry note at December $31,2024($Use montr

$\backslash$table$[[$Date$,$Accounts and Explanation,$4,$Debit,Credit$],[2024,,,,],[$Dec$.31,$Interest Receivable,,$3,200,],[{}^2,$Interest Revenue,,,$3,200],[,$Accrued interest revenue,,,,$]]$

Requirements

Journalize all entries for Regal Bank related to the note for $2024$ and $2025$

Which party has a

a$.$ note receivable?

b$.$ note payable?

c$.$ interest revenue?

d$.$ interest expense?

Suppose that Kelly Perry defaulted on the note. What entry would Regal record for the dishonored note?

Journalize the collection of the note from Kelly Perry at maturity. $($Prepare a single compound journal entry. Use months for interest calculations.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[2025],[$Apr $30],[,.,$tat,$],[,\frac{?}{\text{b}\text{a}\text{r}}(z),,],[,,,],[,,,]]$