Brief Exercise 7-18 (Algo) Long-term Notes Receivable [LO7-7] On April 19, 2021, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment of $110,000 in eight years. The applicable effective interest rate is 5%. (EV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) What amount of sales revenue would Millipede recognize on April 19, 2021, for the Hartwood transaction? (Round your final answer to nearest whole dollar.) Sales revenue
Brief Exercise 7-18 (Algo) Long-term Notes Receivable [LO7-7] On April 19, 2021, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment of $110,000 in eight years. The applicable effective interest rate is 5%. (EV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) What amount of sales revenue would Millipede recognize on April 19, 2021, for the Hartwood transaction? (Round your final answer to nearest whole dollar.) Sales revenue
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Brief Exercise 7-18 (Algo) Long-term Notes Receivable [LO7-7]
On April 19, 2021, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising
payment of $110,000 in eight years. The applicable effective interest rate is 5%. (EV of $1. PV of $1. EVA of
$1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
What amount of sales revenue would Millipede recognize on April 19, 2021, for the Hartwood transaction?
(Round your final answer to nearest whole dollar.)
Sales revenue](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a84194c-e296-49ef-a18c-6cb14f13b232%2F94ad4ec2-34bf-4c76-b5d2-d355ba4b8fce%2Fmlk1rxi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Brief Exercise 7-18 (Algo) Long-term Notes Receivable [LO7-7]
On April 19, 2021, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising
payment of $110,000 in eight years. The applicable effective interest rate is 5%. (EV of $1. PV of $1. EVA of
$1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
What amount of sales revenue would Millipede recognize on April 19, 2021, for the Hartwood transaction?
(Round your final answer to nearest whole dollar.)
Sales revenue
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