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Crane Incorporated issued a $104,000, 5-year, zero-interest-bearing note to Blue Spruce Corp. on January 1, 2020, and received $60,000 cash. Crane uses the effective
Crane Incorporated issued a $104,000, 5-year, zero-interest-bearing note to Blue Spruce Corp. on January 1, 2020, and received $60,000 cash. Crane uses the effective interest method. * Your answer is incorrect. Using (1) a financial calculator or (2) Excel function Rate, calculate the implicit interest rate. (Round answer to 2 decimal places, e.g. 52.25%.) Implicit interest rate 11.58 %
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Applying International Financial Reporting Standards
Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise
3rd edition
730302121, 978-0730302124
