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Compute the fair value of the sales transaction

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Reference no: EM132497582

MMMM Corporation produced fire suppression equipment system for the main factory of Morrison Door Inc. Upon delivery of the equipment of June 1, 2020, MMMM Corporation accepted a zero-interest note with a total face value of $1,500,000 payable in three years.

MMMM Corporation determined that an interest rate of 9.25% was appropriate for providing financing to Morrison Door Inc. over three years.

Question 1: Compute the fair value of the sales transaction implied by the terms of the agreement.

Question 2: Determine the amounts of sales revenue and interest revenue that MMMM Corporation should recognize in its income statement for the year ended December 31, 2020

Attachment:- MMM corporation.zip

Reference no: EM132497582

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