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20) On the balance sheet, you are required to present the balance of Notes Receivable and Notes Payable at their Present Value when they

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20) On the balance sheet, you are required to present the balance of Notes Receivable and Notes Payable at their Present Value when they meet the following criteria: The asset or debt extends beyond 12 months (long-term) The asset or debt will be due within 12 months (short-term) These must be presented at their Present Value regardless of when they due None of the above

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