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At what amount should the note be recorded

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Question - All too well company acquired a packaging machine from Taylor Corporation. Taylor completed the construction of the machine on January 1, 2029. In payment for the P3 million machine. All too well issued a 4 year interest bearing note to be paid in four equal payments at the end of each year. Interest is 10% of the unpaid balance to be paid at the end of each year. Assume prevailing interest rate is 14%. At what amount should the note be recorded?

Reference no: EM133053937

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