Novak Inc. enters into an agreement on March 1, 2020, to sell Werner Metal Company aluminum ingots. As part of the agreement, Novak also agrees to repurchase the ingots on May 1, 2020, at the original sales price of $250,000 plus 3%. (Because Novak has an unconditional obligation to repurchase the ingots at an amount greater than the original sales price, the transaction is treated as financing.)Required:A) Prepare the journall entry necessary on March 1, 2020.B) Prepare the journal entry for the repurchase of the ingots on May 1, 2020.
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Novak Inc. enters into an agreement on March 1, 2020, to sell Werner Metal Company aluminum ingots....
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