Oriole plc issued a $5-$year, $78,000,$ zero$-$interest$-$bearing note to Brown Ltd$.$ on January $1,2022,$ and received cash of $38,780.$ The implicit interest rate is $15\%.$

Prepare Oriole'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 $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date

Account Titles and Explanation

Debit

Credit

Cash

Notes Payable

Interest Expense

eTextbook and Media

List of Accounts