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On March 1, 2017, Sandhill Company sold goods to Goosen Inc. for $714,000 in exchange...

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Accounting

On March 1, 2017, Sandhill 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 inputed rate of 11%). The goods have an inventory cost on Sandhills books of $439,000. (a) Prepare the journal entries for Sandhill on March 1, 2017.

(b) Prepare the journal entries for Sandhill on December 31, 2017.

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