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Notes Receiavable Flashcards

(1 cards)

1
Q

Noninterest-bearing notes

A

The noninterest bearing note would be recorded at PV, net of the discount
(the difference between the cash and the face value). When interest expense is
recorded, the discount is amortized. No payable is established. However, the
carrying value of the note will change to match the imputed interest

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