Question 21. On 31 December 20X4, Merigo Co sold goods to a customer for $10 million, representing a mark-up on cost of 25%. In order to encourage sales, Merigo Co has given the customer interest free credit with the total amount becoming payable in three years time. Interest rates are currently 4% per annum, meaning that the present value of $10million is $8.9million and the present value of $8million is $7.1million. What amount should Merigo Co record as revenue in the statement of profit or loss for the year ended 31 December 20X4? $10 million $8 million $8.9 million $7.1 million