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On January 1, 2017, Boerne Custom Machines borrowed $500,000 (face value) from a major customer, through a zero-interest-bearing note due on January 1, 2020. Because the note was zero-interest-bearing, Boerne Custom Machines agreed to machines to this customer at lower than market price over the term of the loan. Sales to the major customer are expected to occur equally over the 3 year period. The rate of interest is normally charged on this type of loan is 10%. Required:
a. Prepare the entry to record the initial issuance of the note and related arrangements.
b. Prepare the journal entries at December 31 to recognize interest expense and sales revenue at the end of 2017 assuming that the customer purchases merchandise evenly over the 3 year period of the loan.
Please show ALL work for calculations.
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