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Prepare the journal entries for Cheyenne on December

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Reference no: EM132497189

Question - On March 1, 2017, Cheyenne Company sold goods to Goosen Inc. for $648,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $952,125 (an inputed rate of 8%). The goods have an inventory cost on Cheyenne's books of $386,000.

Required -

1. Prepare the journal entries for Cheyenne on March 1, 2017.

2. Prepare the journal entries for Cheyenne on December 31, 2017.

Reference no: EM132497189

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