Samson Corporation issued a 4-year, 75,000, zero-interest-bearing note to Brown Company on January 1, 2015, and received

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Samson Corporation issued a 4-year, £75,000, zero-interest-bearing note to Brown Company on January 1, 2015, and received cash of £47,664. The implicit interest rate is 12%. Prepare Samson’s journal entries for

(a) the January 1 issuance and

(b) the December 31 recognition of interest.

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