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On March 1, 2025, Blossom Company sold goods to Cullumber Inc. for $642,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of
On March 1, 2025, Blossom Company sold goods to Cullumber Inc. for $642,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,033,947 (an imputed rate of 10% ). The goods have an inventory cost on Blossom's books of $405,000. (31) Prepare the journal entries for Blossom on March 1, 2025. (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. List all debit entries before credit entries.)
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