Prepare aero journal entries for the initial transaction

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Reference no: EM13511901

Aero Acrobats lent $15,944 to Afterburner, Inc., accepting Afterburner's 2-year, $20,000, zero-interest-bearing note. The implied interest rate is 12%. Prepare Aero's journal entries for the initial transaction, recognition of interest each year, and the collection of $20,000 at maturity.

Reference no: EM13511901

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