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Pina Corporation issued a 4-year, $66,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $43,476. The implicit interest rate is

Pina Corporation issued a 4-year, $66,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $43,476. The implicit interest rate is 11%.

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

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