On January 1, 2007, Dole Co sold land that cost $210,000 for $280,000, receiving a note bearing interest at 10 The note will be paid in three annual installments of $112,595 starting on December 31, 2007 Because collection of the note is very uncertain, Dole will use the cost recovery method How mu...

A 0 Explanation since Dole is using the cost reco ...

On January 1, 2007, Dole Co. sold land that cost $210,000 for $280,000, receiving a note bearing

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On January 1, 2007, Dole Co. sold land that cost $210,000 for $280,000, receiving a note bearing interest at 10%. The note will be paid in three annual installments of $112,595 starting on December 31, 2007. Because collection of the note is very uncertain, Dole will use the cost-recovery method. How much revenue from this sale should Dole recognize in 2007?
$0 B. $21,000 C. $28,000 D. $70,000