Reference no: EM131876289
On January 1, 2011, Connor Corporation signed a $100,000 non interest-bearing note due in three years at a discount rate of 10%. Connor elects to use the fair value option for reporting its financial liabilities. On December 31, 2011, Connor's credit rating and risk factors indicated that the rate of interest applicable to its borrowings was 9%. The present value factors at 10% and 9% are presented below.
PV factor 10%, 3 periods .751
PV factor 10%, 2 periods .826
PV factor 10%, 1 period .909
PV factor 9%, 3 periods .772
PV factor 9%, 2 periods .842
PV factor 9%, 1 period .917
At what amount should Connor present the note on the December 31, 2011 balance sheet?
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