The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted a $10, 800, 60-day, 8s note in granting Danny Todd a time extenaion on hie past-due sccount receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Tebruary 14 Received Todd's payment of principal and interest on the note dated Decenber 16. March 2 Accepted a $6,100, , 90-day note in granting a tine extension on the past-due account receivable from Midnight Company. March 17 Accepted a $2,400, 30-day, 78 note in granting Ava Privet a tine extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. Auguat 7 Accepted a $7,440, 90-day, 10s note in granting a tine extension on the past-due account receivable of Mulan Company. September 3 Accepted a $2, 100, 60-day, 104 note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received paynent of prineipal plus interent fron Carson for the September 3 note. Novenber 5 Received payment of prineipal plus interest fron Hulan for the August 7 note. Decenber 1 Wrote oft the Privet account against the Allowance for Doubtful Accounte. Required: 1-a. First, complete the table below to calculate the interest amount at December 31, Year 1. 1-b. Use the calculated value to prepare your journal entries for Year 1 transactions. 1-c. First, complete the table below to calculate the interest amounts. 1-d. Use those calculated values to prepare your journal entries for Year 2 transactions. 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.