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Prepare the entries j should make

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Question - On 12-31-18, J sold some inventory to T. J accepted from T a $1,500,000, 10% note receivable. J will collect interest on the note every 12-31 starting 12-31-19. J will collect the note principle in full on 12-31-21. Under normal circumstances, J earns 11% on its funds. The cost of the inventory sold was $340,000. Prepare the entries J should make on 12-31-18, 12-31-19, 12-31-20 and 12-31-21.

Reference no: EM132515023

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