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On March 1, 2025, Ivanhoe Company sold goods to Pharoah Inc. for $702,000 in exchange for a 5-year, zero-interest-bearing note in the face amount
On March 1, 2025, Ivanhoe Company sold goods to Pharoah Inc. for $702,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,182,911 (an imputed rate of 11%). The goods have an inventory cost on Ivanhoe's books of $395,000. (a1) Prepare the journal entries for Ivanhoe 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 O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation March 1, 2025 March 1, 2025 (To record sales) Debit Credit
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