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windsor corporation has elected to use the fair value option for one of its notes payable . the notes was issued at an effective rate

windsor corporation has elected to use the fair value option for one of its notes payable

.

the notes was issued at an effective rate of

10 %

and has a carrying value of $

14, 000 .

at year end

,

due to a change in credit risk. windsor borrowing rate has declined ; the fair value of the note payable is now $

15, 700

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