On January 2, 2015, Adani Inc. sells goods (cost R($6),000) to Geo Company in exchange for a

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On January 2, 2015, Adani Inc. sells goods (cost R\($6\),000) to Geo Company in exchange for a zero-interest-bearing note with face value of R\($11\),000, with payment due in 12 months. The fair value of the goods at the date of sale is R\($10\),000. Prepare the journal entry to record this transaction on January 2, 2015.

How much total revenue should be recognized on this sale in 2015?

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Intermediate Accounting IFRS Edition

ISBN: 9781118443965

2nd Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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