Vandiver Company had the following select transactions
|Apr. 1, 2019||Accepted Goodwin Company's 12-month, 12% note in settlement of a $30,000 account receivable.|
|July 1, 2019||Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% note.|
|Dec. 31, 2019||Accrued interest on all notes receivable.|
|Apr. 1, 2020||Received principal plus interest on the Goodwin note.|
|Apr. 1, 2020||thomas Slocombe dishonored its note; Vandiver expects it will eventually collect.|
Prepare journal entries to record the transactions. Vandiver prepares adjusting entries once a year on December 31.