14. On December 30, 2017, Sheffield Corp.. purchased a machine from Pharoah Company in exchange...
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14. On December 30, 2017, Sheffield Corp.. purchased a machine from Pharoah Company in exchange for a zero-interest-bearing note requiring eight payments of $218,000. The first payment was made on December 30, 2017, and the others are due annually on December 30. At date of issuance, the prevailing rate of interest for this type of note was 10%. On Sheffield's December 31, 2017 balance sheet, the net note payable to Pharoah isA. $1,279,315B. $1,288,137C. $1,070,368D. $1,163,014
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