Question

please answer it correct and explain it

were 18-10 On March 1, 2017, Sweet Company old goods to Go Inc. for $642,000 in exchange for a 5 year, were interest-bearing note in the face amount of $1,033,947 (an inputed rate of 10%). The goods have an inventory coton Sweet's books of $405.000 Ka) Prepare the journal entries for Sweet on March 1, 2017. (Cr a count thesare automatiwly indented when the amount is entered to not in manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Date Act Titles and Exam Mar 1, 2017 (Te record sales) (To record cost of a ra cally indented when the amount is extern indent manually. If he entry is required select "No (1) Prere the r e for C 2017 ( entry for the accounts and for the ames) Date A i tes and Explanation Dec 31, 2017

Answer 1

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Date	Account	Debit	Credit
March 1, 2017	Notes Receivable	$   1,033,947
	Discount on Note receivable		$       391,947
	Sales Revenue		$       642,000
	(To record sale)
March 1, 2017	Cost of goods sold	$       405,000
	Inventory		$       405,000
	(To record cost of goods sold)
Part b
Dec 31, 2017	Discount on Note Receivable	$         53,500
	Interest Revenue		$         53,500
	($642,000*10%*10/12)