Business
Business, 02.09.2019 18:20, MileenaKitana

On january 1, year 1, sam co. entered into a contract with a customer to sell a machine for two annual payments of $144,049 starting at the end of year 1. the customer obtains control of the machine at contract inception. the cash selling price of the machine is $250,000. sam determined that (1) the contract includes a significant financing component and (2) the contract includes an implicit interest rate of 10%. what amounts of revenue and interest income from this contract, if any, were recognized by sam in year 2?

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On january 1, year 1, sam co. entered into a contract with a customer to sell a machine for two annu...

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