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Entries for Bond Issuance Discount ABC Mills Corp. issued a 10-year, $200,000, zero interest bearing note to Blue Note Inc. on January 1, 2017 and

Entries for Bond Issuance Discount ABC Mills Corp. issued a 10-year, $200,000, zero interest bearing note to Blue Note Inc. on January 1, 2017 and received $124,184. The implicit interest rate is 10% (a) Prepare the entry to record the issuance of the note. (b) Prepare the entry to record the recognition of interest on December 31, 2017

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