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Metlock Corporation issued a 5-year, $78,000, zero-interest-bearing note to Brown Company on January 1,2025, and...

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Accounting

Metlock Corporation issued a 5-year, $78,000, zero-interest-bearing note to Brown Company on January 1,2025, and received cash
of $38,780. The implicit interest rate is 15%.
Prepare Metlock's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O
decimal places, e.g.38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)

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