Solved: The fair value of the equipment on the date of sale was, Accounting Basics

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The fair value of the equipment on the date of sale was

Question - On June 1, 2014, Johnson & Sons sold equipment to James Landscaping Services. In exchange for a zero-interest bearing note with a face value of $55,000, with payment due in 12 months. The fair value of the equipment on the date of sale was $50,000. The amount of revenue to be recognized on this transaction in 2014 is?

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Accounting Basics: The fair value of the equipment on the date of sale was

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Accounting Basics: The fair value of the equipment on the date of sale was

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