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On January 1, 2014. Simmons Company acquired a truck for a total cost of $20.000. The seller agreed to allow Simmons to pay for the
On January 1, 2014. Simmons Company acquired a truck for a total cost of $20.000. The seller agreed to allow Simmons to pay for the truck over a two-year period at 10% interest with equal payments of $11, 524 due at the end of 2014 and 2015 on December 31^st of each year. Determine the Carrying Value of the note payable on Simmons' balance sheet as of December 31, 2014 after the first payment has been made: $20,000 $9, 524 $10, 476 $8, 476
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