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A zero coupon note receivable will exhibit the following characteristics. The face value of the note is only reflected on the balance sheet at maturity. There is no interest income recognized because the note does note have a face rate of interest. The straight-line method of amortization must be used for a zero coupon note. The note receivable is carried at its par value less the deferred interest or discount on the note. No interest income is recognized until the not is collected at maturity. The effective interest earned is equal the current market or imputed rate