Blossom Incorporated issued a $ 108,000,5-year, zero-interest-bearing note to Pina Colada Corp. on January 1, 2020, and received $ 51,000 cash. Blossom uses the effective interest method. Using (1) a financial calculator or (2) Excel function Rate, calculate the implicit interest rate. (Round answer to 2 decimal places, eg. 52.25%.) Implicit interest rate Prepare Blossom's journal entry for the January 1 issuance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare Blossom's journal entry for the December 31 recognition of interest. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Prepare an effective interest amortization table for the note. (Round answers to 2 decimal places, e.g. 52.75.) Schedule of Discount Amortization Effective Interest Method Discount Amortized Interest Expense Carrying Amount Date $ $ Jan. 1 2020 Dec. 31 2020 $ $ $ Dec. 31 2021 Dec. 31 2022 Dec. 31 2023 Dec. 31 2024 $ $ WF