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Adani Inc. sells goods to Geo Company for $11,100 on January 2, 2014, with payment due in 11 months. The fair value of the goods

Adani Inc. sells goods to Geo Company for $11,100 on January 2, 2014, with payment due in 11 months. The fair value of the goods at the date of sale is $9,260.

Prepare the journal entry to record this transaction on January 2, 2014

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

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