Use the following information for questions. Piano Construction Corp.began operations in 2014.Construction activity for 2014 is shown below.Piano uses the completed-contract method. 
-On June 1, Electronics Distribution (ED) shipped 100 TVs to TV World (TVW) on consignment.ED buys these TVs from their supplier for $600 each and sells them to TVW for $800.TVW then retails them for $1,200 each.By the end of June, TV World reported that they had sold 60 of these TVs, and remitted the appropriate amount to ED.How much revenue should be recorded by ED in connection with this transaction?
Definitions:
Face Values
The nominal value or original amount stated on a financial instrument, such as a bond or a stock certificate.
Journal Entries
The basic means of recording financial transactions in the accounting system, consisting of debits and credits to various accounts.
Market Rate
The prevailing interest rate available in the marketplace for investments or loans of similar risk and maturity.
Contract Rate
The agreed upon rate in a financial contract, such as the interest rate on a loan or bond.
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