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On January 1, 2021, Pharoah Company sold goods to Sheffield Company for $400700 in exchange for a 4-year, zero-interest-bearing note with a face amount
On January 1, 2021, Pharoah Company sold goods to Sheffield Company for $400700 in exchange for a 4-year, zero-interest-bearing note with a face amount of $630507 (imputed rate of 12 %). The goods have an inventory cost on Pharoah's books of $240000. What amount of Interest Revenue should Pharoah recognize in 2021?
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
