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Find what is the journal entry to record the sale

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Problem 1: Assume Bulgaria Corp., an equipment distributor, sells a piece of machinery with a list price of $865,000 to Ocean Inc. Ocean Inc. will pay $915,000 in one year. Bulgaria Corp. normally sells this type of equipment for 85% of list price. How much should be recorded as revenue?

Problem 2: Burkina Faso sold $165,000 of goods and accepted the customer's $165,000 8%, 1-year note receivable in exchange. Assuming 8% approximates the market rate of return, what is the journal entry to record the sale?

Reference no: EM132831222

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