A company sold goods to a customer in exchange for a 5-year, zero-interest-bearing note on...
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Accounting
A company sold goods to a customer in exchange for a 5-year, zero-interest-bearing note on January 1, 2021. The note has a face amount of $250,000. The company imputes a 10% interest rate on this zero-interest note transaction. Present value factor for 10% and 5 years, single sum is 0.62.
In the journal entry made on 12/31/2022, the company will record Discount on Notes Receivable by $__________.
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