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June 30, 2019, Liang sold its patent with a carrying value of $79,884 to Miller Enterprises for $5,000 cash and a note specifying ten annual payments of $10,000. The first payment was due June 30, 2020. Liang user count rate. ich of the following would not be included in the journal entry to record the sale of the patent on June 30, 2019? ect one: a. CR Discount on Note Receivable $32,899 b. CR Gain on Sale of Patent $7,783 c. CR Patent $79,884 d. DR Cash $5,000

June 30, 2019, Liang sold its patent with a carrying value of $79,884 to Miller Enterprises for $5,000 cash and a note specifying ten annual payments of $10,000. The first payment was due June 30, 2020. Liang user count rate. ich of the following would not be included in the journal entry to record the sale of the patent on June 30, 2019? ect one: a. CR Discount on Note Receivable $32,899 b. CR Gain on Sale of Patent $7,783 c. CR Patent $79,884 d. DR Cash $5,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 30, 2019, Liang sold its patent with a carrying value of $79,884 to Miller Enterprises for $5,000 cash and a note specifying ten annual payments of $10,000. The first payment was due June 30, 2020. Liang uses 8% as its discount rate. Which of the following would not be included in the journal entry to record the sale of the patent on June 30, 2019? Select one: a. CR Discount on Note Receivable $32,899 b. CR Gain on Sale of Patent $7,783 c. CR Patent $79,884 d. DR Cash $5,000 e. All of the above would be included in the journal entry.
Transcribed Image Text:On June 30, 2019, Liang sold its patent with a carrying value of $79,884 to Miller Enterprises for $5,000 cash and a note specifying ten annual payments of $10,000. The first payment was due June 30, 2020. Liang uses 8% as its discount rate. Which of the following would not be included in the journal entry to record the sale of the patent on June 30, 2019? Select one: a. CR Discount on Note Receivable $32,899 b. CR Gain on Sale of Patent $7,783 c. CR Patent $79,884 d. DR Cash $5,000 e. All of the above would be included in the journal entry.
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