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Prepare pina journal entries for the initial transaction

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Question - On January 1, Pina Colada Corp. lent $38,000 to Kingbird, Inc., accepting Kingbird's $50,578, three-year, zero-interest-bearing note. The implied interest is 10%.

Prepare Pina's journal entries for the initial transaction, recognition of interest each year assuming use of the effective interest method, and the collection of $50,578 at maturity.

Reference no: EM132818144

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