On April 19, 2021, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment
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On April 19, 2021, 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, 2021, for the Hartwood transaction?
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Sales revenue present value of the note receivable 120000 071299 85559 Present value of 1 n 5 i 7 Table 2 TABLE 2 Present Value of 1 PV 1 11 30 70 90 100 110 120 096154 095694 095238 094787 094340 093...View the full answer
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Hassan Imtiaz
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Related Book For 
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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