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On January 2, 2020, Concord Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $9.100, with payment due
On January 2, 2020, Concord Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $9.100, with payment due in 12 months. The fair value of the goods at the date of sale is $7.900(cost$4,740). Prepare the journal entry to record this transaction on January 2,2020. (Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry' for the oocount titles and enter O for the amounts.) Question 4 of 10 Ditenum on Mistes foccolvasit satec Revente (To record salec) Cost bf Goock Sold inventory (To record cost of goods sold) How much total revenue should be recognized in 2020? Total revenue 5 7900
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