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lakkis [162]
3 years ago
5

On June 1, 2021, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with a maturity value of $420,000 a

nd a discount rate of 10%. Assuming straight-line amortization of the discount, what is the carrying value of the note as of September 30, 2021
Business
2 answers:
Vanyuwa [196]3 years ago
7 0

i keep seeing this question

Inessa [10]3 years ago
4 0

Answer:

$413,000

Explanation:

Calculation to determine the carrying value of the note as of September 30, 2021

Carrying value=[$420,000 - ($420,000 .010*6/12)]+ [($420,000 .010*6/12)*4/6]

Carrying value=[$420,000-$21,000]+ ($21,000*4/6)

Carrying value=[$420,000-$21,000]+ $14,000

Carrying value=$399,000+ 14,000

Carrying value=$413,000

Therefore the carrying value of the note as of September 30, 2021 is $413,000

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