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Determine the carrying value of the liability as of december

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Reference no: EM132578914

On June 1, 2015, the Monroe Corporation discounted its own P3, 000,000 non-interest bearing note with the First Bank at 10%. The note is due on May 31, 2016.

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Question (a) Determine the carrying value of the liability as of December 31, 2015.

Reference no: EM132578914

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