View Policies Current Attempt in Progress Sandhill Corporation issued a 5-year, $80,000, zero-interest-bearing note to G

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View Policies Current Attempt In Progress Sandhill Corporation Issued A 5 Year 80 000 Zero Interest Bearing Note To G 1 (32.89 KiB) Viewed 40 times

View Policies Current Attempt in Progress Sandhill Corporation issued a 5-year, $80,000, zero-interest-bearing note to Garcia Company on January 1, 2020, and received cash of $80,000. In addition, Sandhill agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 12%. Prepare Sandhill Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 38,548. 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 amount is entered. Do not Indent manually.) Date January 1. 2020 Account Titles and Explanation Debit Credit