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Zagat Inc enters into an agreement on March 1 2017 to sell Werner Metal Company aluminum ingots. As part of the agreement Zagat also agrees to repurchase the ingots on May 1 2017 at the original

Zagat Inc. enters into an agreement on March 1, 2017, to sell Werner Metal Company aluminum ingots. As part of the agreement, Zagat also agrees to repurchase the ingots on May 1, 2017, at the original sales price of $200,000 plus 2%. Instructions (a) Prepare Zagat s journal entry necessary on March 1, 2017. (b) Prepare Zagat s journal entry for the repurchase of the ingots on May 1, 2017.

Apr 05 2020 View more View Less

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