Question
On March 1, 2025, Wildhorse Company sold goods to Crane Inc. for $702,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of
On March 1, 2025, Wildhorse Company sold goods to Crane Inc. for $702,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,080,114 (an imputed rate of 9%). The goods have an inventory cost on Wildhorse's books of $436,000.
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Fundamentals Of Oil And Gas Accounting
Authors: Rebecca A. Gallun, Ph.D. Wright, Charlotte J, Linda M. Nichols, John W. Stevenson
4th Edition
0878147934, 9780878147939
