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On January 2, 2020, Sandhill Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $10,200, with payment due

On January 2, 2020, Sandhill Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $10,200, with payment due in 12 months. The fair value of the goods at the date of sale is $9,500 (cost $5,700). Prepare the journal entry to record this transaction on January 2, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 2, 2020

(To record sales)

(To record cost of goods sold)

How much total revenue should be recognized in 2020?

Total revenue

$

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