FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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.
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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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