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What the net note payable to frank is

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Problem 1: On December 30, 2020, Dye, Inc. purchased a machine from Frank Corp. in exchange for a noninterest-bearing note requiring eight payments of P20,000. The first payment was made on December 30, 2020, and the others are due annually on December 30. At date of issuance, the prevailing rate of interest for this type of note was 11%. On Dye's December 31, 2020 balance sheet, the net note payable to Frank is

Reference no: EM132697498

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