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6 On January 1, 2021, Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $15,000 annually for six years.
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On January 1, 2021, Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $15,000 annually for six years. The first payment was made on January 1, 2021. The prevailing rate of interest for this type of note at date of issuance was 8%. Glanville should record sales revenue in January 2021 of (EV of 51. PV of $1. EVA [SI. PVA of S1, EVAD OS1 and PVAD 1) (Use appropriate factor(s) from the tables provided.) Multiple Choice $69,343 $74,891 $90,000 None of these answer choices are correct Step by Step Solution
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