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Anvil Corp., which has an Dec 31 year-end, provides chemical treatments to various aquatic centers in the Raleigh area. In 20X1, it entered into a contract with local YMCAs to provide gallons of pool chemicals throughout the year.
The contract states the following:
On March 1, the first 500 gallons were delivered to the pools.
Problem 1: When Anvil delivers the first 500 gallons on March 1, how much sales revenue should it record in the journal entry?
Select one:
a. $20,000
b. $18,500
c. $19,000
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