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CORRECT ANSWER NEEDED ASAP THROUGH SPREADSHEET On December 31, 20x0, you make a...

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Accounting

CORRECT ANSWER NEEDED ASAP THROUGH SPREADSHEET

On December 31, 20x0, you make a large sale of inventory to a customer. You

offered your customer financing terms as follows:

$300,000 payable on December 31, 20x3

interest of 1.5% on the $300,000 payable on Dec 31, 20x1, 20x2 and

20x3.

Your incremental borrowing rate is 6% and you estimate that your customers

incremental borrowing rate is 8%.

Prepare all journal entries for this transaction for the years ended December 31,

20x0, 20x1 and 20x2.

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