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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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