Question
n June 1, 2020, Giacchino Equipment sold Greenscape Landscaping several professional-grade lawnmowers in exchange for a one-year, zero-interest-bearing note with a face amount of $65,000.
n June 1, 2020, Giacchino Equipment sold Greenscape Landscaping several professional-grade lawnmowers in exchange for a one-year, zero-interest-bearing note with a face amount of $65,000. On the date of the sale, the lawnmowers had a fair value of $59,000. What amount of revenue should Giacchino recognize on this transaction in 2020?
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Government and Not for Profit Accounting Concepts and Practices
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
7th edition
1118983270, 978-1119175025, 111917502X, 978-1119175001, 978-1118983270
