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Ivanhoe Inc. sells goods to Brooks Corp. on account on January 2, 2017. The goods have a sales price of $527,000 (cost of $411,000). The terms are net 30. If Brooks pays within 6 days, however, it receives a cash discount of $7,800. A history of past similar transactions indicates that Brooks will take the cash discount. On January 7, 2017, Brooks makes payment to Ivanhoe for the full sales price.
Question 1: The journal entry(ies) to record the sale and related cost of goods sold for Ivanhoe Inc. on January 2, 2017, and the payment on January 7, 2017. Assume that Ivanhoe records the January 2, 2017, transaction using the net method.
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