Leon Acrobats lent $$44,628$ to Donaldson, Inc., accepting Donaldson's $2-$year, $$54,000,$ zero$-$interest$-$bearing note. The implied

interest rate is $10\%.$

Prepare Leon's journal entries for the initial transaction, recognition of interest each year, and the collection of $$54,000$ 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. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

$($To record the initial transations$)$

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

$($To recognize the interest in year $2)$

$($To record the collection of the note$)$