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1.[This is a variation of Exercise 5-5 focusing on journal entries.] On July 1, 2013, the Foster Company sold inventory to the Slate Corporation for $300,000. Terms of the sale called for a down payment of $75,000 and three annual installments of $75,000 due on each July 1, beginning July 1, 2014. Each installment also will include interest on the unpaid balance applying an appropriate interest rate. The inventory cost Foster $120,000. The company uses the perpetual inventory system.
Required:1. Prepare the necessary journal entries for 2013 and 2014 using point of delivery revenue recognition. Ignore interest charges.2. Repeat requirement 1 applying the installment sales method.3. Repeat requirement 1 applying the cost recovery method.
The data used to calculate the order point include all of the following except:
Debt investments are recorded at the
gerken company concluded at the beginning of 2013 that the companys ownership interest in dillco had increased to the
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Prepare the income statement, statement of stockholders' equity, statement of cash flows, balance sheet; all in proper form You have the option of preparing a statement
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