Determine the carrying value of the note at december

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On January 1, 2020, Pitchfork, Inc. performed services for ABC Corp. and accepted a non-interest-bearing, $200,000, 10-year note in the exchange. The terms of the note require ABC to pay 10 equal annual installment payments of P&I each December 31st, with the first payment due on December 31, 2020. An annual interest rate of 8% is imputed. Determine the Carrying Value of this note at December 31, 2021, immediately after the 2nd cash payment has been received by Pitchfork.

The PV of $1 for 8%, 10n is 0.46. The PVOA for 8%, 10n is 6.71. The PVAD for 8%, 10n is 7.25.

Group of answer choices

Option 1: $114,931

Option 2: $ 94,200

Option 3: $160,000

Option 4: $151,987

Reference no: EM132515247

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