The Field Detergent Company sold merchandise to the Abel Company on June 30, 2018. Payment was made
Question:
The Field Detergent Company sold merchandise to the Abel Company on June 30, 2018. Payment was made in the form of a noninterest-bearing note requiring Abel to pay $85,000 on June 30, 2020. Assume that a 10% interest rate properly reflects the time value of money in this situation.
Required:
Calculate the amount at which Field should record the note receivable and corresponding sales revenue on June 30, 2018.
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Related Book For 
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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