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Question #8: (5 marks) Rai sold property in exchange for a six-year note that has a maturity value of $40,250 and no stated interest rate.

Question #8: (5 marks) Rai sold property in exchange for a six-year note that has a maturity value of $40,250 and no stated interest rate. The property originally cost Rai $22,000. Assuming that a market interest rate of 9% is known, prepare the journal entry to record the sale of this property. In this case, the proceeds from the sale are equal to the present value of the note

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