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Prepare Tony journal entries for the initial transaction

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Question - Tony Acrobats lent $26,784 to Donaldson, Inc., accepting Donaldson's 2-years, $33,000, zero-interest-bearing note. The implied interest rate is 11%.

Required - Prepare Tony's journal entries for the initial transaction, recognition of interest each year, and the collection of $33,000 at maturity.

Reference no: EM132616384

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