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On January 1, 2020, Smith Company sold equipment on credit to Duck Company. Duck agreed to make a $7,000 cash down payment on January 1, plus payments of $5,000 on January 1 for each of the next three years. The implicit interest rate was 8%. The equipment's list price was $22,000. Prepare the journal entry by Smith to record the sale revenue on January1, 2020, and calculate the amount of revenue to be recognized in 2020. You may use Present/Future value tables (at the end of the exam paper) or a financial calculator. Round to the nearest cent.
Problem 1: What is the Entry to Record sale revenue January 1 by Smith Company?
Problem 2: What is the total amount of revenue to be recognized on January 1 by Smith Company?
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