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Business, 15.04.2021 23:40 Adailson8890

On January 1, 2018, Ann Stine loaned $37,565 to Joe Grant. A zero-interest-bearing note (face amount, $50,000) was exchanged solely for cash. The note is to be repaid on December 31, 2020. The prevailing rate of interest for a loan of this type is 10%. The present value of $50,000 at 10% for three years is $37,565. What amount of the Discounts on Notes Payable should Mr. Grant credit in 2018?

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On January 1, 2018, Ann Stine loaned $37,565 to Joe Grant. A zero-interest-bearing note (face amount...
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