All Star entered into an agreement with Doyle Games, selling them $80,000 in equipment but...
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Accounting
All Star entered into an agreement with Doyle Games, selling them $80,000 in equipment but agreeing not to collect payment for three years. All Starr would normally charge interest of 8% but has agreed to waive the interest of the contract. The 80,000 balance owing from Doyle has been recorded as a note receivable. All Star recorded a gain on the sale of equipment of $25,000. What are the journal entries for All Stars
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