Panda Company has a customer that signs a noninterest-bearing note, promising to pay the company $119,101 in three years. The payment amount is based on an annual interest rate of 6%, which the company believes is appropriate, resulting in the present value of the note of $119,101 × 0.83962 = $100,000. The present value of an annuity due is $119,101 / 2.83339 = $42,035.
What amount should the company record as sales revenue from this transaction according to GAAP? 

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