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11. (12 marks) On May 31, 2017, John Deere sold a tractor to Dirtco in...

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Accounting

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11. (12 marks) On May 31, 2017, John Deere sold a tractor to Dirtco in $540,000 non-interest bearing note. Dirtco will make $200,000 each; one on May 31, 2018, and one on May 3 2010, they will pay the remaining $140,000. John Deere 31. Assume that your year-end adjusting entries are reverse show the reversal entry. Dirtco would normally paya irtco in exchange for a three year, make two equal payments of e on May 31, 2019. On May 31, in Deere's year-end is December les are reversed. You do not need to di entry. Dirtco would normally pay an interest rate o Required: Prepare the following journal entries for the note for John Deere: 1. Initial sale. Ignore the COGS entry. 2. December 31, 2017, adjusting journal entry. 3. May 31, 2018, receipt of cash. 4. December 31, 2018, adjusting journal entry. Calculate and journalize amounts to the nearest dollar. Note that we are Jonn Deere, the seller of the tractor. 40567.6 2018-3-31 200,ou 4.5 & 7. 8. 2012 2014-3-31 200.000 661523 2 3 & 5 6 7 8 9 2020-3-31 140,50 on year end December 31

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