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On January 1, 2019, a company sells a piece of equipment for a list price of $260,000. It receives $30,000 and accepts a note receivable
On January 1, 2019, a company sells a piece of equipment for a list price of $260,000. It receives $30,000 and accepts a note receivable for the remainder.The balance due is on December 31, 2021, and the note pays an annual interest of 3% every December 31st
Required:
Assuming the customer's borrowing rate is 5%, prepare all journal entries for 2019 and 2020 under IFRS.
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Practical Guide To Accountancy
Authors: Ajit Kumar Chattopadhyay, Amalendu Mukhopadhyay
1st Edition
1642874264, 9781642874266
