On March 1, 2020, Bonita Company sold goods to Goosen Inc. for $726,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,169,230 (an inputed rate of 10%). The goods have an inventory cost on Bonitas books of $389,000. (a) Prepare the journal entries for Bonita on March 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Mar. 1, 2020
	(To record sales)
	(To record cost of goods sold)

(b) Prepare the journal entries for Bonita on December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2020

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