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Prepare the journal entries for Carla on December

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Question - On March 1, 2017, Carla Company sold goods to Goosen Inc. for $594,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,000,925 (an inputed rate of 11%). The goods have an inventory cost on Carla's books of $367,000.

Required -

(a) Prepare the journal entries for Carla on March 1, 2017.

(b) Prepare the journal entries for Carla on December 31, 2017.

Reference no: EM132587164

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