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please solve and explain all the steps and calculations. Non-interest bearing note receivable (p, 355). On December 31,201 we agree to sell merchandise in exchange

please solve and explain all the steps and calculations. image text in transcribed
"Non-interest bearing" note receivable (p, 355). On December 31,201 we agree to sell merchandise in exchange for a $100,000 note due in two years. No specific interest rate is stated, but notes of similar duration and risk typically yield 10%. Calculate the recognition value of the note receivable. Prepare all appropriate journal entries. Disregard COGS

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