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Which of the following statements is not true about non-interest-bearing notes? a) They are recorded at present value b) Sometimes, the associated journal entries record

Which of the following statements is not true about non-interest-bearing notes?

a) They are recorded at present value

b) Sometimes, the associated journal entries record a premium

c) They can be shorter than 1 year in duration

d) In a normal economy, the issuer must always recognize interest expense

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