Question
On January 1, 2015, Fullbright Company sold goods to Blue Dirt Company for $400,000 in exchange for a 4-year, zero-interest-bearing note with a face amount
On January 1, 2015, Fullbright Company sold goods to Blue Dirt Company for $400,000 in exchange for a 4-year, zero-interest-bearing note with a face amount of $629,406 (imputed rate of 12%). The goods have an inventory cost on Fullbrights books of $240,000. What amount of Sales Revenue should Fullbright recognize in 2015?
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Financial Reporting International Standards
Authors: Graham Eaton
1st Edition
0750662379, 978-0750662376
