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Journal entry for the repurchase of the ingots

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Reference no: EM133198284

Zagat Inc. enters into an agreement on March 1, 2015. to sell Werner Metal Company aluminum ingots in 2 months. As part of the agreement. Zagat also agrees to repurchase the ingots in 60 days at the original sales price of $200,000 plus 2%. (Because Zagat has an unconditional obligation to repurchase the ingots at an amount greater than the original sales price, the transaction is treated as a financing.)

Instructions

(a) Prepare the journal entry necessary on March 1, 2015.

(b) Prepare the journal entry for the repurchase of the ingots on May 1, 2015.

Reference no: EM133198284

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