On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a $240,000 non-interest-bearing note due on December 31, 2016. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
Record the 1/1/14 transaction for Fishbone and all necessary entries from 2014-2016. Record the 1/1/14 transaction for Lost Company and all necessary enrties from 2014-2016.
Note- I am struggling with the journal entries the most!