Question
On March 1, 2017, Headland Company sold goods to Goosen Inc. for $702,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of
On March 1, 2017, Headland Company sold goods to Goosen Inc. for $702,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,182,911 (an inputed rate of 11%). The goods have an inventory cost on Headlands books of $395,000. (a) Prepare the journal entries for Headland on March 1, 2017. (b) Prepare the journal entries for Headland on December 31, 2017.
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College Accounting Ch 1-14
Authors: John Wild, Vernon Richardson, Ken Shaw
1st Edition
0073346896, 9780073346892
