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On January 2, 2017, Pearl Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $9,800, with payment due

On January 2, 2017, Pearl Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $9,800, with payment due in 12 months. The fair value of the goods at the date of sale is $8,700 (cost $5,220).

Prepare the journal entry to record this transaction on January 2, 2017

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