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Exercise 6-12 Deferred annuities [L06-7 Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2018 Payment was made in the form of noninterest-bearing note
Exercise 6-12 Deferred annuities [L06-7 Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2018 Payment was made in the form of noninterest-bearing note requiring Lincoln to make six annual payments of $7,.200 on each September 30, beginning on September 30, 2021. (EY of S1. PV of$1. FVA of S1. PVA of $1.EVAD of $1 and PVAD of $) (Use appropriate factorts) from the tables provided.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2018, assuming that an interest rate of 11% properly reflects the time value of money in this situation. nt recorded
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