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Careless Company is an equipment dealer. One item of inventory normally sells for $450,000 and the optional one year service agreement is $50,000. The machine

Careless Company is an equipment dealer. One item of inventory normally sells for $450,000 and the optional one year service agreement is $50,000. The machine cost $270,000. Prudent Company negotiated a $480,000 contract for the machine and the service contract. Delivery is on April 1. Give the journal entry(ies) on April 1 for Careless Company.

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