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On June 1, 20x5, Johnson & Sons sold equipment to James Landscaping Services. In exchange for a zero-interest bearing note with a face value of
On June 1, 20x5, Johnson & Sons sold equipment to James Landscaping Services. In exchange for a zero-interest bearing note with a face value of P55.000, with payment due in 2 months. The fair value of the equipment on the date of sale was P50,000. How much is the amount of revenue to be recognized on this transaction in 20x5? Question 17Answer P50,000 P 5,000 P 55,000 P50,000 sales & P2,917 interest revenue
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Auditing A Practical Approach
Authors: Robyn Moroney
1st Canadian Edition
978-1118472972, 1118472977, 978-1742165943
