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On 7/1/09 ABC company sold inventory to XYZ company for $300000. The terms of the sale were: Downpayment of $75000, and three annual installments starting on 7/1/10. Each installment will include interest (but ignore). The cost of inventory was $120000 and ABC uses the perpetual inventory system.

A) Prepare a schedule using the cost recovery method. B) Prepare the journal entries.

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Category:- Accounting Basics
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