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Prepare the journal entry on december

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Question - On December 31, 2015, Yuna Inc., a publicly traded company, that manufactures and sells equipment, sold equipment to a customer on the following terms. The selling price of the equipment which is $600,000 will be payable as follows:

15% immediately on December 31, 2015

the remaining $510,000 will be paid in 5 years on December 31, 2020

cash interest of 3% is payable annually on each December 31.

Required -

a. Prepare the journal entries for the years 2015 - 2017 assuming that the cash price of the equipment is $540,000.

b. For this part only assume Yuna follows ASPE and uses the straight line method for amortization of interest. Prepare the journal entry on December 31, 2016.

Reference no: EM133139768

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