Question: 1 . On June 1 , 2 0 2 4 , Johnson & Sons sold equipment to James Landscaping Service in exchange for a zero

1. On June 1,2024, Johnson & Sons sold equipment to James Landscaping Service in exchange for a zero-interest bearing note with a face value of $110,000, with payment due in 12 months. The fair value of the equipment on the date of sale was $100,000. The amount of revenue to be recognized on this transaction in 2024 is

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