On january 1 2001 mcarthur corp sold land having a fmv of

Reference no: EM13596248

On January 1, 2001 McArthur corp. sold land having a FMV of $300,000 in exchange for a 5-year zero-interest bearing promissory note in the face amount of $505,518. The market rate of interest for such a note is 11%. The firm uses an effective interest method to amortize the discount on notes receivable. Please prepare the amortization schedule.

Reference no: EM13596248

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