Question: On June 1 , 2 0 1 8 , Johnson & Sons sold equipment to James Landscaping Service in exchange for a zero - interest

On June 1,2018, 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 98,214. The amount of revenue to be recognized on this transaction in 2018 is $
sales revenue and $
interest revenue
On June 1,2018, Johnson & Sons sold equipment to James Landscaping

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