Hung-Chao Yu Company issues a six-year, 8% mortgage note on January 1, 2020, to obtain financing for

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Hung-Chao Yu Company issues a six-year, 8% mortgage note on January 1, 2020, to obtain financing for new equipment. The terms provide for semi-annual instalment payments of $112,825. What were the cash proceeds received from the issue of the note? Show calculations using

(a) Factor Table PV.1, 

(b) A financial calculator, 

(c) Excel function PV.

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Related Book For  book-img-for-question

Intermediate Accounting Volume 1

ISBN: 978-1119496496

12th Canadian edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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