Rising Sun, Inc. repossessed an item in 2014 with a gross profit of 15%. The fair value of the repossessed item was $11,900. The amount still unpaid was $15,000.
Required:
Prepare the journal entry to record the repossession of this item.

Question

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The Answer of Rising Sun, Inc. repossessed an item in 2014 with a gross profit of 15%. The fair value of the repossessed item was $11,900. The amount still unpaid was $15,000.
Required:
Prepare the journal entry to record the repossession of this item.