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Oriole Corporation issued a 4-year, $74,000, zero-interest-bearing note to Brown Company on January 1, 2017,...

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Accounting

Oriole Corporation issued a 4-year, $74,000, zero-interest-bearing note to Brown Company on January 1, 2017, and received cash of $42,310. The implicit interest rate is 15%. Prepare Orioles journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest.

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