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On january 1,2014, Fishbone corporation (an equipment manufacturer) sold equipment to Lost company that cost $150,000. Fishbone received as consideration a down payment of $100,000
On january 1,2014, Fishbone corporation (an equipment manufacturer) sold equipment to Lost company that cost $150,000. Fishbone received as consideration a down payment of $100,000 and a $240,000 note, (which includes accrued interest @ 5%) due on December 31, 2016. The prevailing rate of interest for a note of tis type on January 1, 2014 is 5%.
- Amortization schedule
- Seller to buyer journal entries
- Buyer to seller Journal entries
Im a bit lost on how to work this problem pls help.
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