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On January 1, Year 5, SDF sold furniture to a customer for $4,000 with three year's interest-free credit. The customer took delivery of the furniture

On January 1, Year 5, SDF sold furniture to a customer for $4,000 with three year's interest-free credit. The customer took delivery of the furniture on that day. The $4,000 is payable to SDF on December 31, Year 7. The applicable discount rate based on the customer's credit profile is 8 percent.

Determine the transaction price.

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