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On March 1, 2017, Blossom Company sold goods to Kingbird Inc. for $600,000 in exchange for a five year, zero interest-bearing note in the face

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On March 1, 2017, Blossom Company sold goods to Kingbird Inc. for $600,000 in exchange for a five year, zero interest-bearing note in the face amount of $966, 339. The goods have an inventory cost on Bossom's books of $375,000. Prepare the journal entries for Blossom on March 1, 2017. Prepare the journal entries for Blossom on December 31, 2017

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