Aero Acrobats lent $47,573 to Afterburner Limited, accepting Afterburner's $49,000, three-month, zero interest-bearing notes. The implied interest

Question:

Aero Acrobats lent $47,573 to Afterburner Limited, accepting Afterburner's $49,000, three-month, zero interest-bearing notes. The implied interest is approximately 12%. Prepare Aero’s; journal entries for the initial transaction and the collection of $49,000 at maturity.