Samson Corporation issued a 4-year, $75,000, zero-interest-bearing note to Brown Company on\nJanuary 1, 2014, and received cash of $47,664. The implici
Samson Corporation issued a 4-year, $75,000, zero-interest-bearing note to Brown Company on
\r\nJanuary 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.