4. Assume that Crimbring opted to carry this note at its fair value. What should be the value of the note on Crimbring’s December 31, 20X1, balance sheet if the market interest rate is then 12%? Assume that the December 31, 20X1, payment has been made. 5. Prepare the entry that Crimbring would make on December 31, 20X1, to record the note at its fair value.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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  1. 4. Assume that Crimbring opted to carry this note at its fair value. What should be the value of the note on Crimbring’s December 31, 20X1, balance sheet if the market interest rate is then 12%? Assume that the December 31, 20X1, payment has been made.
  2. 5. Prepare the entry that Crimbring would make on December 31, 20X1, to record the note at its fair value.
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