Brief Exercise $7-7$ Dold Acrobats lent $$34,546$ to Donaldson,

Inc., accepting Donaldson$$s $2-$year, $$42,564,$ zero$-$interest$-$bearing

note. The implied interest rate is $11\%.$ Prepare Dold$$s journal

entries for the initial transaction, recognition of interest each

year, and the collection of $$42,564$ at maturity. $($Round answers to

$0$ decimal places, e$.$g$.5,275.$ 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 the amount is

entered. Do not indent manually.$)$ No$.$ Account Titles and

Explanation Debit Credit $1.($To record the initial transations$)2.$

$($To record the recognition of interest in year one$)3.($To

recognize the interest in year $2)4.($To record the collection of

the note$)$ Click if you would like to Show Work for this question:

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