On January 1, 2014, Ott Co. sold goods to Flynn Company. Flynn signed a zero-interest-bearing note requiring payment of $150,000 annually for seven years. The first payment was made on January 1, 2014. 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 2014 of

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On January 1, 2014, Ott Co. sold goods to Flynn Company. Flynn signed a zero-interest-bearing note requiring payment of $150,000 annually for seven years. The first payment was made on January 1, 2014. 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 2014 of

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The Answer of On January 1, 2014, Ott Co. sold goods to Flynn Company. Flynn signed a zero-interest-bearing note requiring payment of $150,000 annually for seven years. The first payment was made on January 1, 2014. 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 2014 of