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Last year the company exchanged a piece of land for a non-interest - bearing note. The note is to be paid at the rate of $16, 100 per year for 9 years, beginning one year from the date of disposal of the land. An appropriate rate of interest for the note was 11 % . At the time the land was originally purchased, it cost $ 84,400. What is the fair value of the note? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, eg. 458, 581 .) The fair value of the note $ Last year the company exchanged a piece of land for a non-interest-bearing note. The note is to be paid at the rate of $16,100 per year for 9 years, beginning one year from the date of disposal of the land. An appropriate rate of interest for the note was 11%. At the time the land was originally purchased, it cost $84,400. What is the fair value of the note? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) The fair value of the note $

Last year the company exchanged a piece of land for a non-interest - bearing note. The note is to be paid at the rate of $16, 100 per year for 9 years, beginning one year from the date of disposal of the land. An appropriate rate of interest for the note was 11 % . At the time the land was originally purchased, it cost $ 84,400. What is the fair value of the note? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, eg. 458, 581 .) The fair value of the note $ Last year the company exchanged a piece of land for a non-interest-bearing note. The note is to be paid at the rate of $16,100 per year for 9 years, beginning one year from the date of disposal of the land. An appropriate rate of interest for the note was 11%. At the time the land was originally purchased, it cost $84,400. What is the fair value of the note? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) The fair value of the note $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Last year the company exchanged a piece of land for a non-interest - bearing note. The note is to be paid at the rate of $16, 100 per year for 9 years, beginning one year from the date of disposal of the land. An appropriate rate of interest for the note was 11 % . At the time the land was originally purchased, it cost $ 84,400. What is the fair value of the note? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, eg. 458, 581 .) The fair value of the note $
Transcribed Image Text:Last year the company exchanged a piece of land for a non-interest - bearing note. The note is to be paid at the rate of $16, 100 per year for 9 years, beginning one year from the date of disposal of the land. An appropriate rate of interest for the note was 11 % . At the time the land was originally purchased, it cost $ 84,400. What is the fair value of the note? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, eg. 458, 581 .) The fair value of the note $
Last year the company exchanged a piece of land for a non-interest-bearing note. The note is to be paid at the rate of $16,100 per year for 9 years, beginning one year from the date of disposal of the land. An appropriate rate of interest for the note was 11%. At the time the land was originally purchased, it cost $84,400. What is the fair value of the note? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) The fair value of the note $
Transcribed Image Text:Last year the company exchanged a piece of land for a non-interest-bearing note. The note is to be paid at the rate of $16,100 per year for 9 years, beginning one year from the date of disposal of the land. An appropriate rate of interest for the note was 11%. At the time the land was originally purchased, it cost $84,400. What is the fair value of the note? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) The fair value of the note $
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