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i need help please On December 31, 2019. Concord Company finished consulting services and accepted in exchange a promissory note with a face value of
i need help please
On December 31, 2019. Concord Company finished consulting services and accepted in exchange a promissory note with a face value of $865,000, a due date of December 31, 2022, and a stated rate of 6%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 12% The following interest factors are provided: Interest Rate 6% 12%6 1.19102 1.40493 Table Factors For Three Periods Future Value of 1 Present Value of 1 Future Value of Ordinary Annuity of 1 Present Value of Ordinary Annuity of 1 0.83962 0.71178 3.18360 3.37440 2.67301 2.40183 Determine the present value of the note. Present value of the note Prepare a Schedule of Note Discount Amortization for Concord Company under the effective interest method. (Round answers to O decimal places, eg. 5,275.) Unamortiz Bal. Date Cash Interest (6%) Effective Interest (12%) Discount Amortized $ 12/31/19 12/31/20 12/31/21 12/31/22 $ $ $ e Textbook and Media Step by Step Solution
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