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Prepare the journal entry to record the transaction

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Reference no: EM133154563

Question - On December 31, 2017, Crane Co. sold equipment to Larkspur, Inc. Crane Co. agreed to accept a $410,000 zero-interest-bearing note due December 31, 2019, as payment in full. Larkspur, Inc. incorporated in 2017 and had very little credit history at the time of the transaction with Crane. Therefore, at that time, Larkspur typically borrowed funds at a rate of 8%. Crane has a long and positive credit history. Therefore, Crane has various lines of credit at 6%.

Required -

A. Prepare the journal entry to record the transaction of December 31, 2017, for Crane Co.

B. Assuming Crane Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2018.

C. Assuming Crane Co.'s fiscal-year end is December 31, prepare the journal entries for December 31, 2019.

Reference no: EM133154563

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