On January 1, 2020, Savage Company sold goods to another requiring payment of P600,000 annually for seven years. The entity. The buyer signed a noninterest-bearing note The prevailing rate of interest for this type of note at date of Present value of ordinary annuity of 1 at 10% Problem 6-8 (AICPA Adapted) first payment was made on January 1, 2020. issuance was 10%. Periods Present value of 1 at 10% 6 7 .56 .51 4.36 4.87 What amount should be reported as sales revenue? a. 3,216,000 b. 2,922,000 c. 2,616,000 d. 2,142,000