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What is the discounted value of note

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Question 1: On January 1, 2017, Martian Manhunter Company sold land costing P600,000 and received in exchange a four-year, with a face amount of P1,000,000 bearing an interest rate of 6%. The stated rate on the note was determined to be substantially low compared to the prevailing rate for a similar transaction being at 12%. Martian Manhunter Company uses the calendar year for reporting purposes. What is the discounted value of the note?

Reference no: EM132571281

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