On January $2,2023,$ Sunland Inc. sells goods to Bramble Company in exchange for a zero$-$interest$-$bearing note with a face value of

$$7,480,$ with payment due in $12$ months. The fair value of the goods at the date of sale is $$6,800($cost $$4,080).$ Assume that the

company chooses to reflect the interest component.

$($a$)$

Your answer is correct.

Prepare the journal entries to record this transaction on January $2,2023.($Credit account titles are automatically indented when the

amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List

all debit entries before credit entries.$)$

Date

Account Titles and Explanation

January $2,2023$

Debit

Credit

Credit

$6800$

Sales Revenue

$($To record sales$)$

$($To record sales$)$

January $2,2023$

$($b$)$

$($To record cost of goods sold$)$

eTextbook and Media

List of Accounts

Attempts: $1$ of $3$ used

Your answer is correct.

How much total revenue should be recognized in $2023?$

Revenue recognized in $2023$$

eTextbook and Media

List of Accounts

Attempts: $1$ of $3$ used

$($c$)[$I NEED HELP WITH THIS QUESTION, please provide me an explaination and the answer.$]$

Your answer is incorrect.

Using Excel or a financial calculator, determine the interest rate that will be earned by Sunland. $($Round answer to $1$ decimal place,

e$.$g$.15\mathrm{.}1\%)$

Interest rate