Lincoln Company purchased merchandise from Grandville Corp, on September 30, 2021 Payment was made in the form
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Lincoln Company purchased merchandise from Grandville Corp, on September 30, 2021 Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $5.200 on each September 30 beginning on September 30, 2024 Round your final answer to nearest whole doller emount.
Required
Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2021, assuming that an interest rate of 17% properly reflects the time Value of inorney in this situation
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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