(b)* Your answer is incorrect.How much total revenue should be recognized in 2023?Revenue recognized in 2023 $4752 Current Attempt in ProgressOn January 2, 2023, Pharoah Inc. sells goods to Coronado Company in exchange for a zero-interest-bearing note with a face value of$7.920, with payment due in 12 months. The fair value of the goods at the date of sale is $7,200 (cost $4,320). Assume that thecompany chooses to reflect the interest component.(a)

Interest = Face value of bonds - Fair value of goods= $7,920 - $7,200= $720

Answered: x Your answer is incorrect. How much…

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Accounting

x Your answer is incorrect. How much total revenue should be recognized in 2023? Revenue recognized in 2023 $ 4752

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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Question

(b)
* Your answer is incorrect.
How much total revenue should be recognized in 2023?
Revenue recognized in 2023 $
4752

Current Attempt in Progress
On January 2, 2023, Pharoah Inc. sells goods to Coronado Company in exchange for a zero-interest-bearing note with a face value of
$7.920, with payment due in 12 months. The fair value of the goods at the date of sale is $7,200 (cost $4,320). Assume that the
company chooses to reflect the interest component.
(a)

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