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On March 1, 2020, Sheridan Company sold goods to Goosen Inc. for $648.000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $997,028 (an inputed rate of 9%). The goods have an inventory cost on Sheridan's books of $417,000. (a) Prepare the journal entries for Sheridan o March 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1. 2020 Notes Receivable 997.028 Discount on Notes Receivable 349,028 Sales Revenue 648,000 (To record sales) Cost of Goods Sold 417.000 417,000 Inventory (To record cost of goods sold) Triventory 417.000 (To record cost of goods sold (b) Prepare the journal entries for Sheridan cember 31, 2020. (Credit account titles are automatically indented when the amounts entered. Do not indent manually. I no entry is required, select "No entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Dec 31, 2020 Discount on Notes Receivable Interest Revenue e Textbook and Media List of Accounts Attempts: 2 of 15 used Submit Answer Save for Later 3033 11 53 Sunny O lyje

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