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Prepare all journal entries related to the transaction

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Question - On January 1, 2019, Aitocs Inc. sold used equipment with a cost of $15,000 and a carrying amount of $2,500 to Disc Corp. in exchange for a $5,000, three-year non-interest-bearing note receivable. Aitocs Inc. typically borrows funds at a rate of 10%, while Disc Corp. has various lines of credit at 9%. Assume that Aitocs follows IFRS. Prepare all journal entries related to the transaction in 2019, 2020, and 2021 for Aitocs Inc.

Reference no: EM133146273

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