Samson corporation issued a 4-year 75000, Accounting Basics

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Samson corporation issued a 4-year 75000

Samson Corporation issued a 4-year, $75,000, zero-interest-bearing note to Brown Company on January 1, 2014, and received cash of $47,664. The implicit interest rate is 12%. Prepare Samson's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest.

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Accounting Basics: Samson corporation issued a 4-year 75000

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Accounting Basics: Samson corporation issued a 4-year 75000

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