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Longfellow Company lent $75,752 to Hemingway, Inc, accepting Hemingway's 2-year, $90,000, zero-interest-bearing note. The implied interest rate is 9%. Prepare Longfellow's journal entries for (a)

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Longfellow Company lent $75,752 to Hemingway, Inc, accepting Hemingway's 2-year, $90,000, zero-interest-bearing note. The implied interest rate is 9%. Prepare Longfellow's journal entries for (a) the initial transaction, (b) recognition of interest each year, and (c) the collection of $90,000 at maturity

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