Prepare journal entries required by white ltd to record

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White ltd enters into a contract to sell boat products to Fainga's Ltd for $600,000. The agreement allows Fainga's Ltd to pay a for these goods by four eaual instalments, the first instalment being required on delivery and the remainder to be paid by equal instalments every 6 months. The boat products are delivered to Fianga's Ltd on 1 Ianuary 2020. White Ltd determination that an appropriate discount rate for this transactions is 12% per annum.

Required:

Problem a: Prepare journal entries required by White Ltd to record transactions on:

1. 1 January 2020
2. 30 June 2020

Reference no: EM132698954

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