On April 19, 2024, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment
Question:
On April 19, 2024, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment of $120,000 in five years. The applicable effective interest rate is 7%. What amount of sales revenue would Millipede recognize on April 19, 2024, for the Hartwood transaction?
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