On April 19, 2016, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment

Question:

On April 19, 2016, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment of $120,000 in five years. The applicable effective interest rate is 7%. What amount of sales revenue would Millipede recognize on April 19, 2016, for the Harwood transaction?