Question
On April 19, 2024, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment of $120,000 in eight years. The applicable effective
On April 19, 2024, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment of $120,000 in eight years. The applicable effective interest rate is 6%.
Note: Use appropriate factor(s) from the tables provided.(FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
What amount of sales revenue would Millipede recognize on April 19, 2024, for the Hartwood transaction?
Note: Round your final answer to nearest whole dollar.
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
