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Business, 04.11.2019 23:31 mansnothot316

On 12-31-14 j sold inventory to t. j accepted from j a $500,000, 6% note receivable. j will collect interest on the note every 12-31 starting 12-31-15. j will collect the note principle in full on 12-31-16. under normal circumstances, j earns 7% on its funds. the cost of the inventory sold was $125,000. prepare the entries j should make on 12-31-14, 12-31-15, and 12-31-16.

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On 12-31-14 j sold inventory to t. j accepted from j a $500,000, 6% note receivable. j will collect...
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