Answer:
Explanation:
The journal entries are shown below:
1.  Notes receivable A/c Dr $450,000
           To Cash A/c                               $450,000
(Being the notes receivable acceptance is recorded)
2. Interest receivable A/c Dr $40,500
       To Interest revenue                       $40,500
(Being the interest is collected)
Interest = Principal × rate of interest × number of months ÷ (total number of months in a year)
= $450,000 × 12% × (9 months ÷ 12 months)
= $40,500
The 3 months is calculated from April 1 to December 31
3.  Cash A/c Dr $504,000
              To Notes receivable A/c $450,000
              To  Interest receivable A/c $40,500
              To Interest revenue A/c      $13,500
(Being cash collected recorded)
Interest revenue = Principal × rate of interest × number of months ÷ (total number of months in a year)
= $450,000 × 12% × (3 months ÷ 12 months)
= $13,500
The 3 months is calculated from December 31 to April 1