On January 1, 2015, Ott Co.sold goods to Flynn Company.Flynn signed a zero-interest-bearing note requiring payment of $100,000 annually for seven years.The first payment was made on January 1, 2015.The prevailing rate of interest for this type of note at date of issuance was 10%.Information on present value factors is as follows: Ott should record sales revenue in January 2015 of

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On January 1, 2015, Ott Co.sold goods to Flynn Company.Flynn signed a zero-interest-bearing note requiring payment of $100,000 annually for seven years.The first payment was made on January 1, 2015.The prevailing rate of interest for this type of note at date of issuance was 10%.Information on present value factors is as follows:  Ott should record sales revenue in January 2015 of

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The Answer of On January 1, 2015, Ott Co.sold goods to Flynn Company.Flynn signed a zero-interest-bearing note requiring payment of $100,000 annually for seven years.The first payment was made on January 1, 2015.The prevailing rate of interest for this type of note at date of issuance was 10%.Information on present value factors is as follows:  Ott should record sales revenue in January 2015 of