On January 2, 2020, Swift Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $9,500, with payment due in 12 months. The fair value of the goods at the date of sale is $8,400 (cost $5,040).

Prepare the journal entry to record this transaction on January 2, 2020. To record sales; To record cost of good sold

How much total revenue should be recognized in 2020?