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A four-year, $20,000, noninterest-bearing note was received by Willis Company for a credit sale. Assuming a market rate of 7%, determine (1) sales revenue recognized

A four-year, $20,000, noninterest-bearing note was received by Willis Company for a credit sale. Assuming a market rate of 7%, determine (1) sales revenue recognized upon issuance of the note and (2) interest revenue recognized over the term of the note.

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