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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Please give explanation do not give directly answer
I will give you upvot

Transcribed Image Text:On January 1, 2025, Oriole Co. sells land for which it had paid $707,400 to Sargent Company, receiving in return Sargent's zero-
interest-bearing note for $1,000,000 payable in 5 years. What entry would Oriole make to record the sale, assuming that Oriole
frequently sells similar items of land for a cash sales price of $651,000? (If no entry is required, select "No Entry" for the account titles and
enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit
entries before credit entries.)
Date Account Titles and Explanation
Jan. 1
Notes Receivable
Discount on Notes Receivable
Debit
Credit
Expert Solution
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