On June 1, 2022, EBD sold equipment to EHL in exchange for a zero-interest bearing note with a face value of P55,000, with payment due in 12 months. The fair value of the equipment on the date of sale was P50,000. How much is the amount of revenue to be recognized on this transaction in 2022? (3 points)

On June 1, 2022, EBD sold equipment to EHL in exchange for a zero-interest bearing note with a face value of P55,000, with payment due in 12 months. The fair value of the equipment on the date of sale was P50,000. How much is the amount of revenue to be recognized on this transaction in 2022? (3 points)

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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6. Answer what is required of the problem.