(a) Prepare the April 1, 2012, journal entry for Somers Company.
(b) Prepare the journal entry for Somers’s collection of $175,000 of the accounts receivable during the period from April 1, 2012, through June 30, 2012.
(c) On July 1, 2012, Somers paid Third National all that was due from the loan it secured on April 1, 2012.
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