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Beta Co. purchased a plant asset on January 1 of the current year in exchange for $80,000 in cash and a noninterest-bearing note providing for
Beta Co. purchased a plant asset on January 1 of the current year in exchange for $80,000 in cash and a noninterest-bearing note providing for payments of $80,000 on each January 1 for the next 3 years. The fair value of the note must be imputed. What should be recorded as the cost of the asset?
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