Mishin Corp. issues a $275,000 1 year zero-interest bearing note
payable to Hanson Bank on May 1, 2020. The bank's discount rate is 3%
Mishin has a December 31st year end
Instructions
Prepare the journal entries to record the cash received by Mishin on May 1, the entry to record
interest expense at the company's year end and the appropriate reversing entry and the entry at maturity of the note

Please do step by step calculation