On April 1, 2015, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $530,000 to its supplier using a 12- month, 12% note. Record the following transactions for Shoemaker Corporation.
1. The loan of $530,000 and acceptance of the note receivable on April 1, 2015 (If not entry is required for a transaction/event, select 'No journal entry required' in the first account field.)
2. The adjustment for accrued interest on December 31, 2015. (If not entry is required for a transaction/event, select 'No journal entry required' in the first account field.)
3. Cash collection of the note and interest on April 1, 2016 (If not entry is required for a transaction/event, select 'No journal entry required' in the first account field.)