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Determine the transaction price after adjusting

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Question - XYZ Ltd transfers the machine to the customer on 1 January 2018 and agrees with the customer to use the following credit terms: pay $240,000 on 31 December 2019 with an interest rate of 10% per annum. Illustrate XYZ's accounting for the machine by (1) preparing journal entries and (2) determine the transaction price after adjusting the consideration for significant financing component.

Reference no: EM132894258

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