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On March 1, 2017, Parnevik Company sold goods to Goosen Inc. for $660,000.00 in exchange for a 5-year, zero-interest bearing note. This note has an
| On March 1, 2017, Parnevik Company sold goods to Goosen Inc. for $660,000.00 in exchange for a 5-year, | ||||||||||
| zero-interest bearing note. This note has an imputed annual interest rate of 10.00%. The goods have an inventory | ||||||||||
| cost on Parnevik's books for $400,000.00. | ||||||||||
| Prepare the general journal for Parnevik Company on March 1, 2017 to record this transaction. | ||||||||||
| (check figure: Discount on Notes Receivable = $402,936.60) | ||||||||||
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Commercial Printing IRS Audit Techniques Guide
Authors: Internal Revenue Service
1st Edition
1304133753, 978-1304133755
