Question: On July 1, 2018, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3.610,000. The book value of

On July 1, 2018, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3.610,000. The book value of the land on Apache's books was $1,520,000. Terms of the sale required a down payment of $190,000 and 18 annual payments of $190,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2019. How much revenue will Apache recognize for the sale (ignoring interest), assuming that it recognizes revenue at the point in time at which it transfers the land to the construction company? (Leave no cells blank- be certain to enter "O" wherever required. 3 Answer is complete but not entirely correct 2018 Revenue 3,160,000 G

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Required A) Prepare in general journal format the entries required in the Ponce de Leon Endowment Fund to record the transactions occurring during the fiscal year ending June 30, 2023, including all...

On July 1, 2018, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,000,000. The book value of the land on Apache's books was $1,200,000. Terms of the...

Video Planet (VP) sells a big screen TV package consisting of a 60-Inch plasma TV, a universal remote, and on-site installation by VP staff. The installation Includes programming the remote to have...

Question 1 Part A and B A. On July 1, 2018, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,080,000. The book value of the land on Apaches books was...

On July 1, 2018, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,080,000. The book value of the land on Apache's books was $1,320,000. Terms of the...

1 On July 1, 2018, Apache Company, a real estate developer, sold a parcel of land to a construction company for $4,800,000. The book value of the land on Apache's books was $2,000,000. Terms of the...

On July 1, 2018, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,600,000. The book value of the land on Apache's books was $1,600,000. Terms of the...

On July 1, 2018. Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,000,000. The book value of the land on Apache's books was $1,320,000. Terms of the...

Brief Exercise 5-1 Revenue recognition at a point in time [LO5-2] On July 1, 2018, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,330,000. The book...

On July 1, 2018, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,895,000. The book value of the land on Apaches books was $1,640,000. Terms of the sale...

On July 1, 2018, Apache Company, a real estate developer, sold a parcel of land to a construction company for $4,655,000. The book value of the land on Apache's books was $1.960,000. Terms of the...

Bramble Corp. supplies its customers with high-quality canvas tents. These canvas tents sell for $170 each, with the following DM and DL usage and price expectations. Direct materials Direct labor 11...

In this case, we review the debt of several specialty retail stores. The companies reviewed and the year-end dates are as follows: 1. Abercrombie & Fitch Co. (January 31, 200952-week; February 2,...

Which has more credit risk: investment grade debt or speculative debt? Responses Investment grade Investment grade Speculative grade

Hypothesis Testing of a Single Mean LCTCS Tuition: Louisiana Community And Technical College System consist of 2 community colleges across the state. I think RPCC's tuition and fees is lower than the...

Although benefits account for a large share of employee compensation, many feel there is little evidence on whether an employer receives an adequate return on the benefits investment. One suggestion...

Your company, like many others, is experiencing doubledigit percentage increases in health care costs. What suggestions can you offer that may reduce the rate of cost increases?