Question: PLEASE ANSWER THE FOLLOWING QUESTION USING THE IMAGE PROVIDED. On January 1 , 2 0 2 4 , Hodge Beanery received $ 9 , 1

PLEASE ANSWER THE FOLLOWING QUESTION USING THE IMAGE PROVIDED. On January

1, 2024,

Hodge Beanery received $

9, 100

from the Kennedy Company in exchange for a coffee roaster that it will deliver to

Kennedy on December

31, 2024 .

Assume that Hodge views the time value of money to be a significant component of this transaction

and that a

7 %

interest rate is applicable.

How much deferred revenue would Hodge recognize on January

1, 2024 ?

Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole dollar.

(

FV of $

1,

PV of $

1,

FVA of $

1,

PVA of $

1,

FVAD of $

1

and PVAD of $

1)

Deferred revenue On January

1, 2024,

Hodge Beanery received $

9, 100

from the Kennedy Company in exchange for a coffee roaster that it will deliver to Kennedy on December

31, 2024 .

Assume that Hodge views the time value of money to be a significant component of this transaction and that a

7 %

interest rate is applicable.

How much deferred revenue would Hodge recognize on January

1, 2024 ?

Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole dollar.

(

FV of $

1,

PV of $

1,

FVA of $

1,

PVA of $

1,

FVAD of $

1

and PVAD of $

1)

PLEASE ANSWER THE FOLLOWING QUESTION USING THE IMAGE PROVIDED. On January

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