On March $1,2020,$ Vaughn Company sold goods to Goosen Inc. for $$714,000$ in exchange for a $5-$year, zero$-$interest$-$bearing note in the face amount of $$1,203,132($an imputed rate of $11\%).$ The goods have an inventory cost on Vaughn's books of $$424,000.$

$($a$)$ Prepare the journal entries for Vaughn on March $1,2020.($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. $1,2020$

Discount on Notes Receivable

$($To record sales$)$

$($To record cost of goods sold$)$

$($b$)$ Prepare the journal entries for Vaughn on December $31,2020.($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.$)$