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On March 1, 2025, Crane Company sold goods to lvanhoe Inc for $594,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of

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On March 1, 2025, Crane Company sold goods to lvanhoe Inc for $594,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,000,925 (an imputed rate of 11% ). The goods have an inventory cost on Crane's books of $367,000. (21) Prepare the journal entries for Crane 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.) March-1, 2025 (Torecord sales) March 1, 2025 (To record cost of goods sold)

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