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QUESTION
Assume a contract for the sale of goods specifies that payment is to be made 4 months after delivery of a product.
Assume a contract for the sale of goods specifies that payment is to be made 4 months after delivery of a product. The seller is likely to do which of the following with respect to the time value of money over the life of the contract?
A. Recognize interest expense.
B. Recognize interest revenue.
C. Recognize additional cost of goods sold.
D. Ignore the time value of money.
