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Recording Entries for Long-Term Note Receivable: Effective Interest Method proceeds on December 31 of Year 2 . The prevailing interest rate on similar notes is

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Recording Entries for Long-Term Note Receivable: Effective Interest Method proceeds on December 31 of Year 2 . The prevailing interest rate on similar notes is 118 . Assume that the cost of the land is equal to the fair value of the note. Required - Note: Round answers to the nearest whole dollar

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