Business
Business, 06.03.2020 23:24, kroe417

Samson Corporation issued a 4-year, $85,000, zero-interest-bearing note to Brown Company on January 1, 2014, and received cash of $48,599. The implicit interest rate is 15%.

Prepare Samson’s journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest.

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Samson Corporation issued a 4-year, $85,000, zero-interest-bearing note to Brown Company on January...

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