Sarasota Corporation issued a 4-year, $72,000, zero-interest-bearing note to Brown Company on January 1, 2017, and received cash of $47,429. The implicit interest rate is 11%.

Prepare Sarasotas 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.