Question: Pronghorn corporation issued a five year, $ 8 4 , 0 0 0 , zero interest bearing note to brown company on January 1 ,

Pronghorn corporation issued a five year, $84,000, zero interest bearing note to brown company on January 1,2025, and received cash of $41,763. The implicit interest rate is 15%. Prepare pronghorns journal entries for the January 1 issuance and the December 31 recognition of interest.

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