On January 1, 2021, Mumbleford \& Sons Co. sold equipment to Mulligan Care Service in exchange for a zero-interest bearing note. The note has a face value of $110,000, with payment due in 12 months. The imputed interest rate is 10%. The fair value of the equipment on the date of sale was $100,000. The amount of revenue to be recognized on this transaction in 2021 is Select one: a. $110,000 sales revenue. b. $100,000 sales revenue. c. $100,000 sales revenue and $10,000 deferred revenue. d. $100,000 sales revenue and $10,000 interest revenue. ExclusiveBay.com sells both new and used products over the Internet. Customers access ExclusiveBay's website and select particular products, and ExclusiveBay refers the customer order to a manufacturer or merchandiser who fulfills the order, ships to the customer, and pays ExclusiveBay a 10% commission. Which of the following is true about ExclusiveBay? Select one: a. ExclusiveBay should recognize the commission revenue but not the gross revenue for the merchandise. b. ExclusiveBay should recognize the commission revenue at the time of the sale and deferred the revenue recognition for the gross merchandise until the manufacturer delivers the good to the customer. c. ExclusiveBay's income statement would report gross revenue and cost of sales associated with these transactions. d. ExclusiveBay is not part of the sale and should not recognize any revenue related to the sale. When a company has an obligation or right to repurchase an asset, the transaction should be treated as a financing transaction if Select one: a. the dollar amount to repurchase the asset is greater than its selling price b. the dollar amount to repurchase the asset is less than its selling price c. an entity bills a customer for retains physical possession of the product until it is transferred to the customer in the future d. the contract agreement is a principal-agent relationship and the collectibility of the sale transaction is probable. Clear my choice