E18-23 (Repurchase Agreement) Zagat Inc. enters into an agreement on March 1, 2017, to sell Werner Metal Company aluminu...
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E18-23 (Repurchase Agreement) Zagat Inc. enters into an agreement on March 1, 2017, to sell Werner Metal Company aluminum ingots. As part of the agreement, Zagat also agrees to repurchase the ingots on May 1, 2017, at the original sales price of $200,000 plus 2%.
Instructions
(a) Prepare Zagatâs journal entry necessary on March 1, 2017.
(b) Prepare Zagatâs journal entry for the repurchase of the ingots on May 1, 2017.