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What the net carrying value of the note on january is

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On January 1, 2016, Renaud Company finished architectural design services and accepted in exchange a promissory note with a face value of $400,000 and a maturity date of December 31, 2020. The stated rate of interest is 8% with interest receivable each December 31 through the maturity date. An effective interest rate of 10% is implicit in the agreed-upon price. The effective amortization method is used.

Problem 1: The net carrying value of the note on 1/1/17 is approximately:

Select one:

a. $380,105
b. $426,497
c. $400,000
d. $420,617
e. $374,641

Reference no: EM132836425

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