Portabello Autos Ltd is a car retailer. On 1 April 2020, Portabello sold a car to Lenny on the following terms: Contract price: 40,000 Payment terms: 20,000 on 31 March 2021, and the remaining 20,000, is due 31 March 2022. The contract states the terms are interest free however Lenny sells to similar customers and charges a market rate of 10% per annum. What is the amount of revenue that Portabello Autos should record to the Statement of profit or loss on the date of sale? Answer to the nearest

a. 38,182

b. 20,000

c. 40,000

d. 34,711