Problem - Following are selected transactions for Vitalo Company.
Nov. 1 Accepted a $7,000, 180-day, 7% note dated November 1 from Kelly White in granting a time extension on her past-due account receivable.Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note.Apr. 30 White honored her note when presented for payment; February has 28 days for the current year.
Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare journal entries (assume that no reversing entries are recorded). (Do not round intermediate calculations. Use 360 days a year.)