On April 1, 2018, JS Co. sold equipment to JL Co. Service in exchange for...
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Accounting
On April 1, 2018, JS Co. sold equipment to JL Co. Service in exchange for a zerointerest bearing note with a face value of 109,000, with payment due in 12 months. The cost of goods sold is 58,000. The fair value of the equipment on the date of sale was 100,000.
A- Record the entry showing how much revenue should JS Co. record on April 1, 2018.
B- Record the entry showing how much revenue should it report related to this transaction on December 31, 2018.
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