On January 1, 2021, Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $17,000 annually for five years. The first payment was made on January 1, 2021. The prevailing rate of interest for this type of note at date of issuance was 8%. Glanville should record sales revenue in January 2021 of: .
a. $85,000
b. $67,876
c. $73,306
d. None of these
Answers: 3
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On January 1, 2021, Glanville Company sold goods to Otter Corporation. Otter signed an installment n...
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