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  3. cambria limited took a $240,000 two-year note rece

Cambria Limited took a $240,000 two-year note recelvable from a customer in connection with a...

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Accounting

Cambria Limited took a $240,000 two-year note recelvable from a customer in connection with a major inventory sale transaction on 1 January 205. The note required annual end-of-year interest payments of 4%, and the principal was due at the end of 206.
(PV of $1, PVA of $1, and PVAD of $1.)(Use appropriate factor(s) from the tables provided.)
Required:
Prepare journal entries to record the initial sale transaction and each payment on the books of Cambria, assuming that the market Interest rate is 4%.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Rounh time value factor to 5 decimal places and final answers to the nearest whole dollar amount.)
Journal entry worksheet
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