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

BVA Corporation exchanged a $96,000, noninterest-bearing, 3-year note for land with a fair value of $60,000. The $36,000 difference represents:

Multiple Choice

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 choices are correct.

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