On January 1, 2025, Lombard Co. sells land for which it had paid $690,000 to Sargent Company,
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On January 1, 2025, Lombard Co. sells land for which it had paid $690,000 to Sargent Company, receiving in return Sargent’s zero-interest- bearing note for $1,000,000 payable in 5 years. What entry would Lombard make to record the sale, assuming that Lombard frequently sells similar items of property for a cash sales price of $640,000?
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The journal entry on Lombards books would be Assumes that ...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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