Question
On January 1, 2020, Jim Beam Company sold goods to a customer and received an installment note requiring payments of $15,000 annually for six years.
On January 1, 2020, Jim Beam Company sold goods to a customer and received an installment note requiring payments of $15,000 annually for six years. The first payment was received by Jim Beam Company on January 1, 2020. The prevailing rate of interest for this type of note is 8%. The total sales revenue Jim Beam Company would record for this sale on January 1, 2020 is:
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Introduction to Managerial Accounting
Authors: Peter C. Brewer, Ray H Garrison, Eric Noreen
8th edition
1259917061, 978-1259917066
