Question: On January 1 , 2 0 2 3 , The Pronghorn Company received a 4 - year promissory note that had a face value of

On January 1,2023, The Pronghorn Company received a 4-year promissory note that had a
face value of $1,015,000, and a stated interest rate of 6%. Interest was receivable on January 1 each year. The note was issued to yield an effective interest rate of 8%. The Pronghorn
Company is publicly traded, uses the effective interest method of amortization for discounts
or premiums, and has an April 30 year-end. prepare the journal entry to record the first cash collection by the pronghorn company on january 12024.
On January 1,2023, The Pronghorn Company received a 4-year promissory note

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