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Determine the balance in the discount on note receivable

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Question - Cool kids Inc. performed services for a customer in exchange for a $10,000, 5 year, 10% note receivable on January 1, 2020. Interest will be paid quarterly, with the first payment at the end of the first quarter. The customer's normal borrowing rate is 12%. Determine the balance in the discount on note receivable as of December 31, 2023.

Reference no: EM132508758

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