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Prepare Coronados journal entries for the January

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Reference no: EM132524136

Question - Coronado Corporation issued a 4-year, $72,000, zero-interest-bearing note to Brown Company on January 1, 2017, and received cash of $47,429. The implicit interest rate is 11%.

Required - Prepare Coronado's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest.

Reference no: EM132524136

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