On January 1, 2017, Reggae Ltd.sold land that cost $180,000 for $240,000, receiving a note bearing interest at 10 percent.The note will be paid in three annual instalments of $96,510 starting December 31, 2017.Assuming that collection of the note is very uncertain, how much revenue from this sale should Reggae recognize in 2017?
A) $0
B) $18,000
C) $24,000
D) $96,510
Correct Answer:
Verified
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