On March 1, 2015, Parnevik Company sold goods to Goosen Inc. for 660,000 in exchange for a
Question:
On March 1, 2015, Parnevik Company sold goods to Goosen Inc. for €660,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of €1,062,937. The goods have an inventory cost on Parnevik’s books of €400,000. Prepare the journal entries for Parnevik on
(a) March 1, 2015, and
(b) December 31, 2015.
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Journal entries for Parnevik Company related to this contract a March 1 2015 Issue Date of the Note ...View the full answer
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Related Book For 
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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