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On March 1,2017,Parnevik Company sold goods to Goosen Inc. for $660,000.00 in exchange for a 5-year, zero-interest bearing note. This note has an imputed annual
On March 1,2017,Parnevik Company sold goods to Goosen Inc. for $660,000.00 in exchange for a 5-year, zero-interest bearing note. This note has an imputed annual interest rate of 10.00%. The goods have an inventory cost on Parnevik's books for $400,000.00. Prepare the general journal for Parnevik Company on March 1, 2017 to record this transaction (check figure: Discount on Notes Receivable $402,936.60)
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