On March 1, 2017, Parnevik Company sold goods to Goosen Inc. for $660,000 in exchange for a

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On March 1, 2017, Parnevik Company sold goods to Goosen Inc. for $660,000 in exchange for a five-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, 2017, and
(b) December 31, 2017.
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Intermediate Accounting

ISBN: 978-1119048534

11th Canadian edition Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

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