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Question - On December 31, 2020, LILY Company received two 2,000,000 notes receivable from customers. On both notes, interest is calculated on the outstanding principal balance at the annual rate of 3% and payable at maturity. The first note, made under customary trade terms, is due in nine months and the second note is due in five years. The market interest rate for similar notes on December 31, 2020 was 8%. The PV of 1 at 8% due in nine months is 0.944, and the PV of 1 at 8% due in 5 years is 0.68. On December 31, 2020, what total carrying amount should be reported for the two notes receivable?
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