Johnson Ltd is entering into a contract to sell boat products to Fisher Ltd for $50 000. The agreement allows Fisher Ltd to pay for these goods by equal instalments, the first instalment being required on delivery and the remainder to be paid every 6 months for the next 2 years. The boat products are delivered to Fisher Ltd on 1 January 2020.Johnson Ltd determine that an appropriate discount rate for interest on this transaction is 5% per annum.

Required

Advise Johnson Ltd on how the company is to account for the revenue from this transaction.

" Can you please tell me how can I get the figure of CASH RECEIPT = 12967 ". Thanks a lot

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