On January 1, 2021 Sukhi's Cycles Inc. sells a motorcycle for $24,000. Terms offered are $10,000 cash; $7,000 due on January 1, 2022, and $7,000 due on January 1, 2023. The market interest rate for transactions of this type is 4.0% per annum. What is the amount of revenue that Sukhi should record at time of sale?

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The Answer of On January 1, 2021 Sukhi's Cycles Inc. sells a motorcycle for $24,000. Terms offered are $10,000 cash; $7,000 due on January 1, 2022, and $7,000 due on January 1, 2023. The market interest rate for transactions of this type is 4.0% per annum. What is the amount of revenue that Sukhi should record at time of sale?