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Crane Company issues a 8%, 4-year mortgage note on January 1, 2017, to obtain financing for new equipment. Land is used as collateral for the

Crane Company issues a 8%, 4-year mortgage note on January 1, 2017, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment payments of $46,800. What are the cash proceeds received from the issuance of the note?

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