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Sandhill Company sells goods to Teal Mountain Corp. in exchange for a $150000 3-year note bearing 8% interest. Interest is payable each year. The market
Sandhill Company sells goods to Teal Mountain Corp. in exchange for a $150000 3-year note bearing 8% interest. Interest is payable each year. The market rate of interest for a transaction of this nature for Teal Mountain is 12%. The present value of 1 at 12% for 3 years is 0.71178 and the present value of an ordinary annuity of 1 at 12% for 3 years is 2.40183 . What is the amount of the notes receivable less the unamortized discount at the time of the sale (rounded to the nearest dollar)? $150000$36000$135589$106767
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