Seved Help Save & Exit Subm Check my work 5 2 points 00:57:38 Revise your calculations based the new information provided below and then answer the questions that follow A company lends $402,000 to an owner and accepts a three year, 7% note in return. The note was issued on June 1st of the current year, and will be due on June 1st of the final year of the note Required: (a) Prepare the journal entry to be made when the company makes the loan and accepts the note in return. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list look 02 References Journal entry worksheet < Record the 7% note receivable accepted for a loan amount of $402,000. Note: Enter debts before credits Date June 01 General Journal Debit Credit View general journal Record entry Cleary Novt (b) Calculate the interest revenue to be recorded at the end of each year the note is outstanding. December 31, Year 1 December 31, Year 2 December 31, Year 3 June 1, Year 4 Interest revenue 5 2 points 00:56:44 Required information (c) Prepare the journal entries to accrue the interest receivable for each year the note is outstanding. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet eBook < 1 2 3 Print Record the interest receivable during the period ending December 31 for year 1. References Note: Enter debits before credits. Date December 31 General Journal Debit Credit Clear entry View general journal Record entry 2 Required information 5 points (d) Prepare the journal entry to record receiving the cash at the note's maturity. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 00:36:06 View transaction list eBook Print Journal entry worksheet < 1 Record the receipt of cash on account of 7% note receivable. References Note: Enter debits before credits. Date June 01 General Journali Debit Credit View general journal Record entry Clear entry Help