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Alt i 7 Zero-Interest-Bearing Notes MeNabb Corporation issued a 4 year, $70,000, zero-interest-bearing note to...

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Alt i 7 Zero-Interest-Bearing Notes MeNabb Corporation issued a 4 year, $70,000, zero-interest-bearing note to Company on January 1, 2008, and received cash of $71,776. The implicit interest rate is 14%. Prepare McNabb's journal entries for (a) the Jan. 1 (b) the Dee. 31 recognition of interest issuanc e and Cash Interest Discount Carrying Paid Expense Amortized Amount Date 1/1/08 12/31/08 12/31/09 12/31/10 12/31/11 PAGE GENERAL JOURNAL CREDIT PR. DEBIT DATE DESCRIPTION

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