On January 1, 2017, Lombard Co. sells property forwhich it had paid $690,000 to Sargent Company, receivingin return Sargent’s zero-interest-bearing note for$1,000,000 payable in 5 years. What entry would Lombardmake to record the sale, assuming that Lombardfrequently sells similar items of property for a cash salesprice of $640,000?

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A: This is an income computation question, please refer to step two to see the answer.

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A:

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A:

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A: Answer-66000rs.

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Q: Want Answer please provide

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