Kindly assist with Question, Your answer is incorrect.

The Pharoah Company makes a sale on account for $$1,120.$ The market rate of interest is $12\%,$ and the terms of the sale indicate that

$$1,120$ cash is to be received at the end of four months.

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What amount should The Pharoah Company record regarding this sale and the related account receivable? $($For calculation purposes,

use $5$ decimal places as displayed in the factor table provided and final answer to $2$ decimal places, e$.$g$.52\mathrm{.}75.)$

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