On June 1, 2021, Sunland & Sons sold equipment to James Landscaping Service in exchange for...
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On June 1, 2021, Sunland & Sons sold equipment to James Landscaping Service in exchange for a zero-interest bearing note with a face value of $116400, with payment due in 12 months. The fair value of the equipment on the date of sale was $94800. The amount of revenue to be recognized on this transaction in 2021 is O $94800 sales revenue and $12600 interest revenue. O $94800. O $21600. O $116400. On June 1, 2021, Sunland & Sons sold equipment to James Landscaping Service in exchange for a zero-interest bearing note with a face value of $116400, with payment due in 12 months. The fair value of the equipment on the date of sale was $94800. The amount of revenue to be recognized on this transaction in 2021 is O $94800 sales revenue and $12600 interest revenue. O $94800. O $21600. O $116400.
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