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Prepare journal entry to record this transaction on january

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Question - On January 2, 2017, Pearl Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $9,800, with payment due in 12 months. The fair value of the goods at the date of sale is $8,700 (cost $5,220).

Required - Prepare the journal entry to record this transaction on January 2, 2017.

Reference no: EM131598838

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