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On October 1, 20X1, Numi Corp. sold inventory in exchange for a 2-year non-interest- bearing note have a face value of $20,000. The present value
On October 1, 20X1, Numi Corp. sold inventory in exchange for a 2-year non-interest- bearing note have a face value of $20,000. The present value of the note on the date of issuance has already been determined to be $15,944 (rounded to the nearest whole dollar). 12% compounded annually is a reasonable cost of borrowing for non-interest- bearing notes of this nature. The face value of the note is due when the note matures on October 1, 20X3. The company has a calendar year-end, uses the effective interest method, and uses the periodic inventory system. Part 1: Complete the amortization table for this note. There are a total of NINE blocks requiring an answer. If the amount is zero, a "0" should be entered
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