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On January 1, 2020, Bridgeport Co. sells property for which it had paid $712,300 to Sargent Company, receiving in return Sargent's zero-interest-bearing note for $1,100,000
On January 1, 2020, Bridgeport Co. sells property for which it had paid $712,300 to Sargent Company, receiving in return Sargent's zero-interest-bearing note for $1,100,000 payable in 5 years. What entry would Bridgeport make to record the sale, assuming that Bridgeport frequently sells similar items of property for a cash sales price of $656,000? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1
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