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answer both. I will give a thumbs up immediately if BOTH are answered correctly! On March 1, 2020, Larkspur Compary sold goods to Goosen Inc
answer both. I will give a thumbs up immediately if BOTH are answered correctly!
On March 1, 2020, Larkspur Compary sold goods to Goosen Inc for $702,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,182,911 (an imputed rate of 11% ). The goods have an imentory cost on Larkspur's books of $395,000. (a) Prepare the journal entries for Larkspur on March 1, 2020, (Credit account titles are outomatically indented when the amount is entered. Do not indent monually, If no entry is required, select "No entry" for the occount titles and enter ofor the amounts. entered. Do not indent manually. If no entry is required, select "No entry" for the occount titles and enter O for the amounts.) On Jaruary 2, 2020, Ayayai Inci sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $11.400. with payment due in 12 months. The fair value of the goods at the date of sale is $10,100(cost$6,060). Prepare the journal entry to record this transaction on January 2,2020. (Credit occount titles ore automaticolly indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the occount titles and enter Ofor the amounts.) How much total revenue should be recognized in 2020 Step by Step Solution
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