On November 1, 2017, Teal Mountain, Inc. accept a $252,000 note receivable from a customer....
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Accounting
On November 1, 2017, Teal Mountain, Inc. accept a $252,000 note receivable from a customer. Teal Mountain elected to use the fair value option for this financial asset. On December 31, 2017, the fair value of the note receivable is $230,000. Prepare the December 31, 2017 journal entry for the fair value option.
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