Solve it correctly and show the formulas as well as the work for like and upvote.

2. Fairplay had the following information related to the sale of its products during 2009, Erhich was its first year of business: Revenue $1,000,000 Returns of goods sold $ 100,000 Cash collected $ 800,000 Cost of goods sold $ 700,000 Under the accrual basis of accounting, how much net revenue would be reported on Fairplay's 2009 income statement? Hint: Net revenue is revenue for goods sold during the period less any returns and allowances