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Facts: On July 1, 2020, S E K Company sold goods to Grant Company for $900,000 in exchange for a 4-year, zero-interest-bearing note with a face amount of $1,416,163. The goods have an inventory cost on S E K's books of $590,000.

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How much revenue should SEK Company record on July 1, 2020?

How much revenue should it report related to this transaction on December 31, 2020?

Reference no: EM133260598

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