On January 1, Year 1, Park Co. sells equipment to a customer…
On January 1, Year 1, Park Co. sells equipment to a customer for $500,000. Payment is due in three years on December 31, Year 3. The cash selling price of the equipment is $420,000. Park concludes a significant financing component exists.What amount of revenue should Park recognize on January 1, Year 1 and what is the difference?
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