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Question - Crane Incorporated issued a $108,000, 5-year, zero-interest-bearing note to Pronghorn Corp. on January 1, 2020, and received $53,000 cash. Crane uses the effective interest method.
Required -
1. Using (1) a financial calculator, calculate the implicit interest rate.
2. Prepare an effective interest amortization table for the note.
3. Prepare Crane's journal entry for the January 1, 2020 issuance.
4. Prepare Crane's journal entry for the December 31, 2022 recognition of interest.
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