Sweet Acacia Ltd., an equipment manufacturer, sold and delivered a piece of equipment to a...
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Accounting
Sweet Acacia Ltd., an equipment manufacturer, sold and delivered a piece of equipment to a buyer for $92,000, with 50% payable in one year and the remaining 50% payable in two years from the date of sale. Sweet Acacia estimates that the interest rate for a similar financing arrangement would be 12%. Calculate the amount of revenue that Sweet Acacia should recognize on the date of sale. (Round discount factor to 5 decimals and final answer to 2 decimal places, e.g. 5,275.25.) Click here to view the factor table PRESENT VALUE OF 1.
Revenue to be recognized on the date of sale: $____________
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