Lewis sells goods to Dean in a transaction for which the time value of money is viewed as significant. The goods have a fair value of $$10,000,$ and Lewis receives a total of $$8,000$ cash in full

payment, consistent with the sales contract. From this information we can infer that:

Multiple Choice

Lewis collected cash in advance of delivering the goods.

Lewis collected cash after delivering the goods.

Lewis is a very poor businessperson.

Lewis suffered a default on an accounts receivable.