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  1. business
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  3. y company sold inventory in exchange for a note re

Y Company sold inventory in exchange for a note receivable on January 1, Year 1....

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Accounting

Y Company sold inventory in exchange for a note receivable on January 1, Year 1. The note required the customer to make payments of $10,000 on February 1, Year 1, $8,000 on March 1, Year 1, and $6,000 on April 1, Year 1 based on an interest rate of 8%.

Determine the amount that Y Company should recognize as sales revenue on January 1, Year 1.

Note: Give your answer using dollar signs and commas but no decimal points (cents).

Example: $12,345

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