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Find what is entry to record derecognition of note payable

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Reference no: EM132703583

An entity settled an outstanding note payable with face amount of 3,000,000.00 and an unamortized discount of 800,000 by transferring cash of 1,000,000.00 and land with fair value of 2,200,000.00 and carrying amount of 2,100,000.00.

Problem A. What is the entry to record the derecognition of the note payable?

Reference no: EM132703583

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