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On 1 January 2017, Mai Ltd sold an apartment. Similar apartments in the building normally sell for a cash settlement price of $380,000, however the buyer has agreed to a down-payment of $37,400 followed by four annual instalments of $120,000 for the apartment. The first of these annual payments is due 31 December 2017. The interest rate implicit in this financial arrangement is 15% per annum. The journal to record the cash receipt on 31 December 2017 will include:
A.
Debit to cash at bank for $37,400
B.
Debit to cash at bank for $120,000
C.
Credit to cash at bank for $37,400
D.
Credit to cash at bank for $120,000