ACC/421 Intermediated Accounting 1 week 5

Hello,

Can you help me resolve the attached problem?

Brief Exercise 18-10 On March 1, 2017, Marigold Company sold goods to Goosen Inc. for $702,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,080,114 (an inputed rate of 9%). The goods have an inventory cost on Marigold's books of $436,000. (a) Prepare the journal entries for Marigold on March 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2017 (To record sales) (To record cost of goods sold) (b) Prepare the journal entries for Marigold on December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Dec. 31, 2017 Account Titles and Explanation Debit Credit