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Alan Acrobats lent $14,050 to Donaldson, Inc., accepting Donaldsons 2-years, $17,000, zero-interest-bearing note. The implied...

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Accounting

Alan Acrobats lent $14,050 to Donaldson, Inc., accepting Donaldsons 2-years, $17,000, zero-interest-bearing note. The implied interest rate is 10%. Prepare Alans journal entries for the initial transaction, recognition of interest each year, and the collection of $17,000 at maturity.

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