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The company agreed to sell a large order of ice cream to a retailer in...

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Accounting

The company agreed to sell a large order of ice cream to a retailer in exchange for $10,000 cash and a note receivable for $50,000 at 3%. The note is repayable at the end of a two-year period. Interest must be paid at the end of each year. The retailers normal borrowing rate is prime plus 3%. At the time of the sale, prime was 3%. FFT recorded revenues of $60,000. What is the correct journal entry?

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