The Field Detergent Company sold merchandise to the Abel Company
The Field Detergent Company sold merchandise to the Abel Company on June 30, 2011. Payment was made in the form of a noninterest-bearing note requiring Abel to pay $85,000 on June 30, 2013. Assume that a 10% interest rate properly reflects the time value of money in this situation.

Required:
Calculate the amount at which Field should record the note receivable and corresponding sales revenue on June 30, 2011.

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