Question
On December 31, 2019, Johnson & Sons sold equipment to James Landscaping Services in exchange for a zero-interest bearing note with a face value of
On December 31, 2019, Johnson & Sons sold equipment to James Landscaping Services in exchange for a zero-interest bearing note with a face value of $55,000, with payment due in 12 months. The fair value of the equipment on the date of sale was $50,000. The amount of revenue to be recognized on this transaction in 2019 is
| $50,000. | ||
| $45,000. | ||
| $5,000. | ||
| $55,000. |
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Connect For Computer Accounting With Quickbooks 2021
Authors: Author
20th Edition
1264069200, 9781264069200
