Nash Corporation issued a 4-year, $60,000, zero-interest-bearing note to Brown Company on January 1, 2017, and received cash of $39,524. The implicit interest rate is 11%. Prepare Nash's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O decimal places, e.g. 38,548. If no entry is for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) January 1, 2017 Cash 39524 Discount on Notes Payable 20476 Notes Payable 60000 (b) December 31, 2017 Interest Expense 6,600 Interest Payable 6,600