When a company exchanges a note for property, goods, or services,what value does it place...
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Accounting
When a company exchanges a note for property, goods, or services,what value does it place on the note: a. If it bearsinterest at a reasonable rate and is issued in a bargainedtransaction entered into at arms length? b. Ifit bears no interest and/or is not issued in a bargainedtransaction entered into at arms length?
2. If the recorded value ofa note differs from the face value: a. Explain how thecompany should account for the difference. b. Explainhow the company should present this difference in the financialstatements.
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