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Cullumber Company issues a 5-year, 6% mortgage note on January 1, 2020, to obtain financing for new equipment. The terms provide for semi-annual instalment payments

Cullumber Company issues a 5-year, 6% mortgage note on January 1, 2020, to obtain financing for new equipment. The terms provide for semi-annual instalment payments of $ 112,900. What were the cash proceeds received from the issue of the note?

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