Exchanged a piece of land for a non-interest-bearing note

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Reference no: EM13913613

Last year the company exchanged a piece of land for a non-interest-bearing note. The note is to be paid at the rate of $15,450 per year for 9 years, beginning one year from the date of disposal of the land. An appropriate rate of interest for the note was 12%. At the time the land was originally purchased, it cost $90,360. What is the fair value of the note?

Reference no: EM13913613

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