Business, 09.11.2020 17:00 talexander131

On March 1, 2020, Parnevik Company sold goods to Goosen Inc. for $660,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,062,937 (an inputed rate of 10%). The goods have an inventory cost on Parnevik's books of $400,000. Required:
Prepare the journal entries for Parnevik on (a) March 1, 2020, and (b) December 31, 2020.

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On March 1, 2020, Parnevik Company sold goods to Goosen Inc. for $660,000 in exchange for a 5-year,...

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