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On January 1, 2024, Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $24,500 annually for four years.
On January 1, 2024, Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $24,500 annually for four years. The first payment was made on January 1, 2024. The prevailing rate of interest for this type of note at date of issuance was 10%. What is the amount of sales revenue that should be recorded by Glanville in January 2024?
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
