Samson plc issued a 4-year, 75,000, zero-interest-bearing note to Brown Ltd. on January 1, 2019, and received

Question:

Samson plc issued a 4-year, £75,000, zero-interest-bearing note to Brown Ltd. on January 1, 2019, and received cash of £47,664. The implicit interest rate is 12%. Prepare Samson's journal entries for
(a) The January 1 issuance
(b) The December 31 recognition of interest.