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Ivanhoe Corporation issued a 5-year, $71,000, zero-interest-bearing note to Brown Company on January 1, 2017, and received cash of $35,300. The implicit interest rate is

Ivanhoe Corporation issued a 5-year, $71,000, zero-interest-bearing note to Brown Company on January 1, 2017, and received cash of $35,300. The implicit interest rate is 15%.

Prepare Ivanhoes journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest.

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