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ls goods to Geo Company in exchange for The fair value of the goods at the date of sa

ls goods to Geo Company in exchange for The fair value of the goods at the date of sa

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 2, 2017 Adami inc. sels goods to Geo Company in exchange for a zero-interst-bearing note with a face value of $11,000 with payment due in 12 months. The fair value of the goods at the date of sale is $10,000 (cost $6.000) How much total revenue should be recognized in 2017? O $10.000 O $11.000 O $12.000 O Insufficent information to obtain an answer
Transcribed Image Text:On January 2, 2017 Adami inc. sels goods to Geo Company in exchange for a zero-interst-bearing note with a face value of $11,000 with payment due in 12 months. The fair value of the goods at the date of sale is $10,000 (cost $6.000) How much total revenue should be recognized in 2017? O $10.000 O $11.000 O $12.000 O Insufficent information to obtain an answer
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