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On March 1 2017 Parnevik Company sold goods to Goosen Inc for $660000 in exchange for a five-year zero-interest-bearing note in the face amount of

On March 1, 2017, Parnevik Company sold goods to Goosen Inc. for $660,000 in exchange for a five-year, zero-interest-bearing note in the face amount of $1,062,937. The goods have an inventory cost on Parnevik s books of $400,000. Prepare the journal entries for Parnevik on (a) March 1, 2017, and (b) December 31, 2017.

Apr 21 2020 View more View Less

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