Skysong Sells 3D Printer Systems. Recently, Skysong Provided A Special Promotion Of Zero-Interest Financing For 2 Years On Any New 3D Printer System. Assume That Skysong Sells University Co-Op A 3D System, Receiving A $4,500 Zero-Interest-Bearing Note On March 1, 2020. The Cost Of The 3D Printer System Is $ 2,700. Skysong Imputes A 8% Interest Rate On This

 

Skysong sells 3D printer systems. Recently, Skysong provided a special promotion of zero-interest financing for 2 years on any new 3D printer system. Assume that Skysong sells University co-op a 3D system, receiving a $ 4,500 zero-interest-bearing note on March 1, 2020. The cost of the 3D printer system is $2,700. Skysong imputes a 8% interest rate on this zero-interest note transaction. Prepare the journal entry to record the sale on March 1, 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 O for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places, e.g. 58,971.) Account Titles and Explanation (To record sales) (To record cost of goods sold) Debit Credit Compute the total amount of revenue to be recognized in 2020. (Round answer to O decimal places, e.g. 58,971.) Revenue to be recognized in 2020 $