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On March 1, 2020, Bridgeport Company sold goods to Goosen Inc. for $720,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of
On March 1, 2020, Bridgeport Company sold goods to Goosen Inc. for $720,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,213,242 (an inputed rate of 11%). The goods have an inventory cost on Bridgeports books of $433,000. (a) Prepare the journal entries for Bridgeport on March 1, 2020. (
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