Millipede Machinery sold a tractor to Thomas Hartwood for $120,000 to be paid in 8 years with an interest rate of 6% per year. Using the present value of $1 table with an interest rate of 6% and term of 8 years, the present value of $120,000 to be received in 8 years is $80,183. Therefore, the amount of sales revenue Millipede would recognize on April 19, 2024 is $80,183.

1. On April 19, 2024, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note
promising payment of $120,000 in eight years. The applicable effective interest rate is 6%.
Note: Use appropriate factor(s) from the tables provided.(FV of $1, PV of $1, FVA of $1, PVA
of $1, FVAD of $1 and PVAD of $1)
What amount of sales revenue would Millipede recognize on April 19, 2024, for the Hartwood
transaction?
Note: Round your final answer to nearest whole dollar.