On January 1, 2024, Hodge Beanery received $8,000 from the Kennedy Company in exchange for a coffee
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On January 1, 2024, Hodge Beanery received $8,000 from the Kennedy Company in exchange for a coffee roaster that it will deliver to Kennedy on December 31, 2024. Assuming that Hodge views the time value of money to be a significant component of this transaction and that a 9% interest rate is applicable, how much deferred revenue would Hodge recognize on January 1, 2024?
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