On January 1, 2015, Fong Co. sells property for which it had paid NT$690,000 to Chou Company,
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On January 1, 2015, Fong Co. sells property for which it had paid NT$690,000 to Chou Company, receiving in return Chou’s zero-interest-bearing note for NT$1,000,000 payable in 5 years. What entry would Fong make to record the sale, assuming that Fong frequently sells similar items of property for a cash sales price of NT$640,000?
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Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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