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Homeware Ltd sells furniture and has a year end of 31 December. On 1 January 20X4, to stimulate sales in a traditionally quiet sales month, Homeware started a sales promotion offering interest-free credit for either two or three years for sales over $4,000. The following sales were entered into on 1 January 20X4: Sales of goods on two years interest-free credit terms (payment due in full 1 January 20X6) Sales of goods on three years interest-free credit terms (payment due in full 1 January 20X7) $450,000 $220,000 The effective interest rate for these sales was 10%. What is the correct recognition of revenue (to the nearest $000) arising from the sales promotion for the year ended 31 December 20X4? SELECT ONE CORRECT RESPONSE Select one: a. Revenue from sale of goods of $670,000 and interest income of $67,000. b. Revenue from sale of goods of $537,000 and interest income of $0. c. Revenue from sale of goods of $670,000 and interest income of $0. d. Revenue from sale of goods of $537,000 and interest income of $54,000. e. Revenue from sale of goods of $537,000 and interest income of $67,000