Question: Frazier Company issues a 10%, 5-year mortgage note on January 1, 2019, to obtain financing for new equipment. Land is used as collateral for the

Frazier Company issues a 10%, 5-year mortgage note on January 1, 2019, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment payments of $48,850. What are the cash proceeds received from the issuance of the note?

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