Savannah Corp. sold property in exchange for a six-year note that has a maturity value of $40,250 and no stated interest rate. The property originally cost Savannah $29,000. Assuming that a market interest rate of 9% is known, prepare the journal entry to record the sale of this property.

In this case, the proceeds from the sale are equal to the present value of the note.

Answer rating: 100% (QA)

Note amount 40250 Multiply PVF at n 6 I 9 0596267 Present value of ... View the full answer