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Pronghorn Corporation issued a 4-year, $30,000, 4% note to Greenbush Company on January 1, 2017, and received a

computer that normally sells for $24,294. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 10%.

Prepare Pronghorn's journal entries for (a) the January 1 issuance and (b) the December 31 interest.

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