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Prepare the journal entries for headland on december

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Reference no: EM131871947

Question - On March 1, 2017, Headland Company sold goods to Goosen Inc. for $642,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,033,947 (an inputed rate of 10%). The goods have an inventory cost on Headland's books of $405,000.

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

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

Reference no: EM131871947

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