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Show all your calculations. 1. On December 31, 2020, Helena Company, a California real estate firm, received two $28,000 notes from customers in exchange for
Show all your calculations.
1. On December 31, 2020, Helena Company, a California real estate firm, received two $28,000 notes from customers in exchange for services rendered. The 8% note from El Dorado Company is due in nine months, and the 3% note from Newcastle Company is due in five years. The market interest rate for similar notes on December 31, 2020, was 8%. At what amounts should the two notes be reported in Helena's December 31, 2020, balance sheet? Note receivable, El Dorado Company Answer Note receivable, Newcastle CompanyStep by Step Solution
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