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Fundamental Ltd. borrowed $90,000 cash from another company on January 1, 20X1. To get this cash, the company signed a one year 2% interest bearing note with a face value of $81,000 payable with both principal and interest due on December 31, 20X1. The market interest rate is 6%. The company also agreed to give some inventory to the lender on January 1, 20X1. In the blank boxes below, please provide the amounts asked for in each of the following questions in this order (when entering amounts please do not use commas, negative signs, dollar signs or cents).
Problem 1: The value of the inventory given to the lender on January 1, 20X1
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Truck #2 has a list price of $20,000 and is acquired for a down payment of $2,500 cash and a zero-interest-bearing note with a face amount of $17,500.
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