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On January 1 2022, slack company finished legal services and accepted in exchange a 5$ $400,000 promissory note with a due date of December 31,
On January 1 2022, slack company finished legal services and accepted in exchange a 5$ $400,000 promissory note with a due date of December 31, 2024. Interest is receivables on January 1 each year. Notes with similar risk have a market rate of interest of 10%. Determine the value of the following Prepare a schedule of note discount /premium/amortization for slack company under the effective interest method
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