Adani Inc. sells goods to Geo Company for $11,000 on January 2, 2014, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000.

Prepare the journal entry to record this transaction on January 2, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

How much total revenue should be recognized on this sale in 2014?