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Steve Acrobats lent $ to Donaldson, Inc, accepting Donaldson's year, $ zerointerestbearing note The implied interest rate is
Prepare Steve's journal entries for the initial transaction, recognition of interest each year, and the collection of $ at maturity. Round answers to decimal places, eg If no entry is required, select No Entry" for the account titles and enter Ofor the amounts. Credi? account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.
Account Titles and Explanation
Debit
Credit
To record the initial transations
To record the recognition of interest in year one
To recognize the interest in year
To record the collection of the note
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List of Accounts
Artempits: of used
