Question
On June 1, 2021, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with a maturity value of $430,000 and a discount rate
On June 1, 2021, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with a maturity value of $430,000 and a discount rate of 7%. Assuming straight-line amortization of the discount, what is the carrying value of the note as of September 30, 2021?(Round all calculations to the nearest whole dollar amount.)
Multiple Choice
- $414,950.
- $455,083.
- $404,917.
- $424,983
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Managerial Accounting
Authors: Karen BraunWendy Tietz
3rd Edition
0132890542, 978-0132890540
