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Prepare pronghorn journal entries for initial transaction

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Question - On January 1, Pronghorn Corp. lent $43,000 to Larkspur, Inc., accepting Larkspur's $57,233, three-year, zero-interest-bearing note. The implied interest is 10%.

Required - Prepare Pronghorn's journal entries for the initial transaction, recognition of interest each year assuming use of the effective interest method, and the collection of $57,233 at maturity.

Reference no: EM132760563

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