On January 1, 2017, Fulton Inc enters into a contract with Gibson to deliver goods. Gibson pays $100,000 at the time the contract is signed, at which time the goods are transferred and Fulton's performance obligation is complete In addition, Gibson agrees to pay Fulton $100,000 on December 31, 2017, and December 31, 2018. If Fulton entered into a financing arrangement with Gibson it would charge an interest rate of 9% Required: 1. Determine the transacrion pnice for the contract with Gibson 2. Prepare the journal entries to record Fulton's 2017 sales revenue and interest revenue. 3. Next Level What is the obective of adusting the transaction price to refiect the time value of money? Chart of Accounts CHART OF ACCOUNTS Fulton Inc. General Ledger ASSETS 11 Cash 121 Accounts Receivable 131 Notes Recevable REVENUE 411 Sales Revenue 431 Interest Income