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On March 1, 2017, Coronado Company sold goods to Goosen Inc. for $714,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,203,132 (an input rate of 11%). The goods have an inventory cost on Coronado's books of $424,000.
Question (a) Prepare the journal entries for Coronado on March 1, 2017.
Question (b) Prepare the journal entries for Coronado on December 31, 2017.
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