Business, 25.12.2019 05:31, unknown5351
On july 1, 2020, agincourt inc. made two sales. 1. it sold land having a fair value of $700,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,101,460. the land is carried on agincourt's books at a cost of $590,000. 2. it rendered services in exchange for a 3%, 8-year promissory note having a face value of $400,000 (interest payable annually).
record the two journal entries that should be recorded by agincourt inc. for the sales transactions above that took place on july 1, 2020.
Answers: 3
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On july 1, 2020, agincourt inc. made two sales. 1. it sold land having a fair value of $700,000 in e...
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