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Prepare the appropriate journal entries for larkspur corp

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Truck #2 has a list price of $20,000 and is acquired for a down payment of $2,500 cash and a zero-interest-bearing note with a face amount of $17,500. The note is due April 1, 2018. Larkspur would normally have to pay interest at a rate of 9% for such a borrowing, and the dealership has an incremental borrowing rate of 8%.

Prepare the appropriate journal entries for the above transactions for Larkspur Corporation.

Reference no: EM132316583

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