PRINTER VERSION 4 BACK Briel Exercise 6-11 On January 2, 2020, Larkspur Inc. sells goods to Crane Company in exchange for a zero-interest-bearing note with a face value of $7,370, with payment due in 12 months. The fair value of the goods at the date of sale is $6,700 (cost $6,900). Assume that the company chooses to reflect the interest component. Prepare the journal entries to record this transaction on January 2, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation January 2, 2020 cash sales revenue (To record sales) January 2, 2020 cost of goods sold inventory (To record cost of goods sold) SHOW LIST OF ACCOUNTS LINK TO TEX How much total revenue should be recognized in 2020? Revenue recognized in 2020 snow LIST OF ACCOUNTS LINK TO TEXT to search 14 7370 Debit 7370 Credit 7370 6700 6700 DELL M home 129PM ENG 12/11/2000