Flounder Corporation issued a $5-$year, $$76,000,$ zero$-$interest$-$bearing note to Brown Company on January $1,2025,$ and received cash

of $$45,102.$ The implicit interest rate is $11\%.$

Prepare Flounder's journal entries for $($a$)$ the January $1$ issuance and $($b$)$ the December $31$ recognition of interest. $($Round answers to $0$

decimal places, e$.$g$.38,548.$ If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Credit account titles are

automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

No$.$

Date

Account Titles and Explanation

Debit

Cred

$($a$)$

$($b$)$