On March 1, 2014, Parnevik Company sold goods to Goosen Inc. for $660,000 in exchange for a

Question:

On March 1, 2014, Parnevik Company sold goods to Goosen Inc. for $660,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,062,937. The goods have an inventory cost on Parnevik's books of $400,000. Prepare the journal entries for Parnevik on
(a) March 1, 2014, and
(b) December 31, 2014.
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