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Question: On January 1, YR01, General Motors entered into a contract to sell a specialized ambulance to a customer for $1,000. The customer paid the $1,000 at the date the contract was signed, with delivery of the ambulance to be made 24 months later on December 31, YR02. Assuming an interest rate of 10% is appropriate, and that delivery occurred as expected, what amounts should be recorded related to this transaction in YR02 (round answers to the nearest dollar)?

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Accounting Basics, Accounting

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