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On January 1, 2020, Frank Co. received a 14%, three-year note from a customer. The interest on the note is paid every June 30 and
On January 1, 2020, Frank Co. received a 14%, three-year note from a customer. The interest on the note is paid every June 30 and December 31. The note has a face value of 1,000,000. The effective rate applicable on the note is 12%. Determine the initial amount of the note. Answer in good accounting format.
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