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Jeremiah company receives a three year 10000 zero interest bearing note, and the present value is known to be 7,721.80. The time diagram for the
Jeremiah company receives a three year 10000 zero interest bearing note, and the present value is known to be 7,721.80. The time diagram for the single cash flow of jeremiah's note is as follow: Instructions: calculate and explain the implicit rate of interest ( assumed to approximate the market rate) for the note and provide the related journal entry at the date of issuance
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