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Prepare the journal entry to record the sale

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Reference no: EM132381251

Question

Tokyo Imports received a six-month, noninterest-bearing note for $100,000 from Tall Mart in exchange for goods that have a fair value of $95,000. Tokyo uses a periodic inventory system, and views the financing component of this transaction to be significant.

Required:

1. Prepare the journal entry to record the sale.

2. Compute the effective annual rate of interest.

Reference no: EM132381251

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