On January 1, 2025, Oriole Co. sells land for which it had paid $707,400 to Sargent Company, receiving in re terest-bearing note for $1,000,000 payable in 5 years. What entry would Oriole make to record the sale, a requently sells similar items of land for a cash sales price of $651,000? (If no entry is required, select "No Entry nter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not inden ntries before credit entries.) Date Account Titles and Explanation Debit
On January 1, 2025, Oriole Co. sells land for which it had paid $707,400 to Sargent Company, receiving in re terest-bearing note for $1,000,000 payable in 5 years. What entry would Oriole make to record the sale, a requently sells similar items of land for a cash sales price of $651,000? (If no entry is required, select "No Entry nter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not inden ntries before credit entries.) Date Account Titles and Explanation Debit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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