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Frasquita acquired equipment from the manufacturer on 6/30/2018 and gave a noninterest-bearing note in exchange. Frasquita is obligated to pay $578,000 on 4/30/2019 to satisfy
Frasquita acquired equipment from the manufacturer on 6/30/2018 and gave a noninterest-bearing note in exchange. Frasquita is obligated to pay $578,000 on 4/30/2019 to satisfy the obligation in full. If Frasquita accrued interest of $24,000 on the note in its 2018 year-end financial statements, what amount would it record the equipment on its 6/30/2018 balance sheet?
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