Suppose Accenture sold software with a retail value of $240,000 to Atlanta Pictures, Inc. Instead of receiving

Question:

Suppose Accenture sold software with a retail value of $240,000 to Atlanta Pictures, Inc. Instead of receiving cash, Accenture received 22,000 shares of Atlanta Pictures stock, which at the time was selling for $10 per share. What revenue should Accenture recognize on the sale? Prepare the journal entry for this sale.