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Prepare the journal entries for Riverbed on December

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Reference no: EM132468510

Question - On March 1, 2017, Riverbed 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 Riverbed's books of $405,000.

Required -

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

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

Reference no: EM132468510

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