Question
On June 1, 2021, Wildhorse & Sons sold equipment to James Landscaping Service in exchange for a zero-interest bearing note with a face value of
On June 1, 2021, Wildhorse & Sons sold equipment to James Landscaping Service in exchange for a zero-interest bearing note with a face value of $106800, with payment due in 12 months. The fair value of the equipment on the date of sale was $90000. The amount of revenue to be recognized on this transaction in 2021 is
$90000.
$16800.
$106800.
$90000 sales revenue and $9800 interest revenue.
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Auditing Employee Management
Authors: Kelli W. Vito, SPHR, CCP
1st Edition
0894137190, 9780894137198
