1. On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that...

1. On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a down payment of $100,000 and a $240,000 note, (which includes accrued interest @ 5%), due on December 31, 2016. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.

Record the 1/1/14 transaction for Fishbone Corporation and all necessary entries from 2014-2016. Record the 1/1/14 transaction for Lost Company and all necessary entries from 2014-2016.

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ekkarill92 answered 11 months ago

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