On August 1, year 1, Hampton Construction received a 4.5 percent, 6 -month note receivable from Dusty Roads, one of Hampton Construction's problem credit customers. Rosds had owed $39,600 on on outstanding account recelvable. The note receivable was taken in settiement of this amount. Assume that Hampton Construction makes adjusting entries for accrued interest revenue once each year on December 31 . 1. Record the receipt of the note on August 1 in settiement of the account recelvable. 2. Record accrued interest at December 31 , year 1 . 3. Assume that Dusty Roads pays the note plus acerued interest in full. Record the collection of the principal and interest on January 31, year 2 4. Assume that Dusty Roads did not make the necessary principol and interest payment on January 31, year 2. Rother, assume thot he defaulted on his obligation. Record the default on January 31 , year 2 . a. Journalize the above four events on the books of Hampton Construction. b. Indicate the effects of each of the four tansactions journalized in part a on the elements of the financial statement shown below Use the code letters I for increase, D for decrease, and NE for no effect. Complete this question by entering your answers in the tabs below