On April 1 2020, Westwood Inc. sells goods to Vegas Company in exchange for a...
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Accounting
On April 1 2020, Westwood Inc. sells goods to Vegas Company in exchange for a zero-interest-bearing note with face value of $22,000, with payment due in 18 months. The fair value of the goods at the date of sale is $18,398 (cost $9,000). The implied rate of interest is 12%. What amount should Westwood recognize as revenue on April 1, 2020?
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