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Furtastic manufactures imitation fur garments. On June 1, 2016, Furtastic made a sale to Willett's Department Store under terms that require Willett to pay $150,000 to Furtastic on June 30, 2016. In a separate transaction on June 15, 2016, Furtastic purchased brand advertising services from Willett for $12,000. The fair value of those advertising services is $5,000. Furtastic expects that 3% of all sales will prove uncollectible. Required: Prepare the journal entries to record the transactions above.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
What is the right of government to acquire private property, without the owner's consent, for public use in exchange for just compensation is referred to as:
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