Question
Brief Exercise 14-11 Coronado Corporation issued a4-year, $72,000, zero-interest-bearing note to Brown Company on January 1, 2017, and received cash of $47,429. The implicit interest
Brief Exercise 14-11
Coronado Corporation issued a4-year, $72,000, zero-interest-bearing note to Brown Company on January 1, 2017, and received cash of $47,429. The implicit interest rate is11%.
Prepare Coronado's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest.
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Accounting
Authors: Charles T Horngren, Walter T Harrison
9th Edition
132959674, 978-0132569057
