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Current Attempt in Progress Steve Acrobats lent $25,972 to Donaldson, Inc., accepting Donaldson's 2-year, $32,000, zero-interest-bearing note. The implied interest rate is 11%. Prepare Steve's journal entries for the initial transaction, recognition of interest each year, and the collection of $32,000 at maturity. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To record the initial transations) Debit Credit Ih

Steve Acrobats lent $25,972 to Donaldson, Inc, accepting Donaldson's 2-year, $32,000, zero-interest-bearing note. The implied interest rate is 11x Prepare Steve's joumal entries for the initial transaction, recogn tion of inferest each year, and the collection of $3.2.000 at maturity. (Round answes to 0 decinal ploces, eg. 5,275. If no entry is required, select "No Entry' for the occount titles and enter O for the amounts. Credit account sitler are cutomatically indented when the anount is entered. Do not indent manually List all debit entries before crefit entries) (To record the initial transations) (To record the recognition of interest in year one) (Torecognize the interest invear 2) Tforecord the coljection of the note)

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