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How much should windsor report as deferred revenue

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Problem 1: On December 31, 2017, Windsor Co. sold a machine to Cross Co. and simultaneously leased it back for one year. The sales price of the machine was $484,700, the carrying amount is $417,700, and it had an estimated remaining useful life of 14 years. The present value of the rental payments for the one year is $34,700. At December 31, 2017, how much should Windsor report as deferred revenue from the sale of the machine?

Reference no: EM132690168

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