Assume Royal Palm Corp., an equipment distributor, sells a piece of machinery with a list price of $800,000 to Arch Inc. Arch Inc. will pay $850,000 in one year.
Royal Palm Corp. normally sells this type of equipment for 90% of list price.
How much should be recorded as revenue?
a. $720,000. b. $765,000. c. $800,000. d. $850,000.
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