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On January 1, 2016, Ott Company sold goods to Fox Company. Fox signed a noninterest-bearing...

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Accounting

On January 1, 2016, Ott Company sold goods to Fox Company. Fox signed a noninterest-bearing note requiring payment of $60,000 annually for seven years. The first payment was made on January 1, 2016. The prevailing rate of interest for this type of note at date of issuance was 10%. Information on present value factors is as follows: Periods Present Value of 1 at 10% Present Value of Ordinary Annuity of 1 at 10% 6 .56 4.36 7 .51 4.87 Ott should record sales revenue in January 2016 of $214,200 $261,600 $292,600 $321,600

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