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Connors gave the seller a noninterest-bearing note. The note required payment of $31,000 one year from date of purchase. The fair value of the equipment

Connors gave the seller a noninterest-bearing note. The note required payment of $31,000 one year from date of purchase. The fair value of the equipment is not determinable. An interest rate of 11% properly reflects the time value of money in this situation.

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