On January 1, 2024, Wooten Technology Associates sold computer equipment to the Denison Company. Delivery was made
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On January 1, 2024, Wooten Technology Associates sold computer equipment to the Denison Company. Delivery was made on January 1, 2024, but payment for the equipment of $10,000 is not due until December 31, 2024. Assuming that Wooten views the time value of money to be a significant component of this transaction and that an 8% interest rate is applicable, how much sales revenue would Wooten recognize on January 1, 2024?
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