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10. BVA Corporation exchanged a $96,000, noninterest-bearing, 3-year note for land with fair value of $60,000. The $36,000 difference represents A) A loss on the

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10. BVA Corporation exchanged a $96,000, noninterest-bearing, 3-year note for land with fair value of $60,000. The $36,000 difference represents A) A loss on the purchase of land. B) A premium on notes payable. C) Interest expense to be recorded over three years. D) None of the above

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