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Prepare the journal entry to record Evans transaction

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Question - On December 31, 2017, Cullumber Co. sold equipment to Marin, Inc. Cullumber Co. agreed to accept a $520,000 zero-interest-bearing note due December 31, 2019, as payment in full. Marin, Inc. incorporated in 2017 and had very little credit history at the time of the transaction with Cullumber. Therefore, at that time, Marin typically borrowed funds at a rate of 12%. Cullumber has a long and positive credit history. Therefore, Cullumber has various lines of credit at 6%.

Required - Prepare the journal entry to record the transaction of December 31, 2017, for Cullumber Co.

Reference no: EM132550436

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