Business, 19.08.2021 02:40 livewithgod
On January 1, 2021, Crane Company sold property to Wildhorse Co. which originally cost Crane $2740000. There was no established exchange price for this property. Wildhorse gave Crane a $4230000 zero-interest-bearing note payable in three equal annual installments of $1410000 with the first payment due December 31, 2021. The note has no ready market. The prevailing rate of interest for a note of this type is 10%. The present value of a $4230000 note payable in three equal annual installments of $1410000 at a 10% rate of interest is $3506670. What is the amount of interest income that should be recognized by Crane in 2021, using the effective-interest method
Answers: 1
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On January 1, 2021, Crane Company sold property to Wildhorse Co. which originally cost Crane $274000...
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