Pina Corporation issued a 4-year, $79,000, zero-interest-bearing note to Brown Company on January 1, 2017,...
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Accounting
Pina Corporation issued a 4-year, $79,000, zero-interest-bearing note to Brown Company on January 1, 2017, and received cash of $52,040. The implicit interest rate is 11%. Prepare Pinas journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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