Brief Exercise 14-11 Partially correct answer. Your answer is partially correct. Try again. Kingbird Corporation issued a 5-year, $82,000, zero-interest-bearing note to Brown Company on January 1, 2017, and received cash of $48,663. The implicit interest rate is 11%. Prepare Kingbirds 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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Brief Exercise 14-11 Your answer is partially correct. Try again. Kingbird Corporation issued a 5-year, $82,000, zero-interest-bearing note to Brown Company on January 1, 2017, and received cash of $48,663. The implicit interest rate is 11%. Prepare Kingbird's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) January 1, 2017 Tcash T 48663T Discount on Bonds Payable 33337 33337 Bonds Payable 82000 (b) December 31, 2017 TInterest Expense 5353 1 Discount on Bonds Payable T T 5353 5353 Click if you would like to Show Work for this question: Open Show Work