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Please Show work. Shaw Corp. makes a loan to Bear Co. and receives in exchange a 2-year, $8,000 note bearing interest at 5 percent annually.

Please Show work.

Shaw Corp. makes a loan to Bear Co. and receives in exchange a 2-year, $8,000 note bearing interest at 5 percent annually. The market rate of interest for a note of similar risk is 8 percent. Answer the follow questions.

What is the carrying value of the note at the end of Year 1 after an appropriate adjusting entry is recorded?

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