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Find the amount of revenue to be recognized

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Question - On June 1, 2021, Johnson & Sons sold equipment to James Landscaping Service in exchange for a zero-interest bearing note with a face value of $110,000, with payment due in 12 months. The fair value of the equipment on the date of sale was $100,000. Find the amount of revenue to be recognized on this transaction in 2021?

Reference no: EM132616151

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