A company sold goods to a customer in exchange for a 5-year, zero-interest-bearing note on January 1, 2021. The note has a face amount of $244,000.  The company imputes a 10% interest rate on this zero-interest note transaction. Present value factor for 10% and 5 years, single sum is 0.62. What is the sales revenue the company should record related to this transaction? (Please do not use your own present value tables or financial calculator.) (Please do not round your answer in any part of the computation.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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A company sold goods to a customer in exchange for a 5-year, zero-interest-bearing note on January 1, 2021. The note has a face amount of $244,000.  The company imputes a 10% interest rate on this zero-interest note transaction. Present value factor for 10% and 5 years, single sum is 0.62. What is the sales revenue the company should record related to this transaction? (Please do not use your own present value tables or financial calculator.) (Please do not round your answer in any part of the computation.)

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