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On January 1, 2016, Renaud Company finished architectural design services and accepted in exchange a promissory note wit
Posted: Thu May 19, 2022 2:40 pm
by answerhappygod
- On January 1 2016 Renaud Company Finished Architectural Design Services And Accepted In Exchange A Promissory Note Wit 1 (20.63 KiB) Viewed 102 times
On January 1, 2016, Renaud
Company finished architectural design services and accepted in exchange a promissory note with a face value of $400,000 and a maturity date of December 31, 2020. The stated rate of interest is 8% with interest receivable each December 31 through the maturity date. An effective interest rate of 10% is implicit in the agreed-upon price. The ettective amortization method is used. The net carrying value of the note on 1/1/17 is approximately Select one: O a $380, 105 Ob $426,497 OC $400,000 Od $420617 e $374,641