Current Attempt in Progress

Ayayai Corporation issued a $4-$year, $$77,000,$ zero$-$interest$-$bearing note to Brown Company on January $1,2020,$ and received cash of $$48,935.$ The implicit interest rate is $12\%.$

Prepare Ayayai's 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.$)$

No$.$

Date

Account Titles and Explanation

Debit

$($a$)$

$($b$)$