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At what amount should the note payable be reported

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Question - Harowitz Company purchases a trademark for $60,000 on January 1, 20X4 from Garrison Corporation, but will not pay for it until 2 years from that date. Interest is not explicitly stated in the contract, but Harowitz could borrow money at a rate of 6 percent per year currently. At what amount should the note payable be reported on December 31, 20X4?

Reference no: EM132837046

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