7. Fairplay had the following information related to the sale of its products during 2009, which was its first year of business: $1,000,000 Revenue Returns of goods sold $100,000 Cash collected $800,000 Cost of goods sold $700,000 Under the accrual basis of accounting, how much net revenue would be reported on Fairplay's 2009 income statement? A) $200,000. B) $900,000. C) $1,000,000.