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denis23 [38]
3 years ago
8

On January 1, 2018, Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $15

,000 annually for six years. The first payment was made on January 1, 2018. The prevailing rate of interest for this type of note at date of issuance was 8%. Glanville should record sales revenue in January 2016 of:
a. $90,000.
b. $74,891.
c. $69,343.
d. None of these answer choices is correct.
Business
1 answer:
Mariana [72]3 years ago
4 0

Answer:

Glanville should record sales revenue of $74,891

Explanation:

Installment =  $15,000

Number of years = 6

Present value of installment = $15,000 * Present Value factor(8%, 6 years)

Present value of installment = $15,000 * 4.99271

Present value of installment = $74,890.65

Present value of installment =  $74,891

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