On January 2, 2025, Adani Inc. sells goods to Geo Company in exchange for a zerointerest- bearing

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On January 2, 2025, Adani Inc. sells goods to Geo Company in exchange for a zerointerest- bearing note with face value of $11,000, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000 (cost $6,000). Prepare the journal entry to record this transaction on January 2, 2025. How much total revenue should be recognized in 2025?

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Intermediate Accounting

ISBN: 9781119790976

18th Edition

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

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