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is 12 percent. Prepare the journal entry to record the receipt of the note? I know PV of Principle is N=3 I/Y=12 FV=10,000 and PV=7.118.

is 12 percent. Prepare the journal entry to record the receipt of the note? I know PV of Principle is N=3 I/Y=12 FV=10,000 and PV=7.118.

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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Show using Financial Calculator Morgan Corp. makes a loan to Marie Co. and receives in exchange a three-year, $10,000 note bearing interest at 10 percent annually. The market rate of interest for a note of similar risk is 12 percent. Prepare the journal entry to record the receipt of the note? I know PV of Principle is N=3 I/Y=12 FV=10,000 and PV=7,118. but how do you solve Pv of Interests using a financial calculator? I know it is 2,402
Transcribed Image Text:Show using Financial Calculator Morgan Corp. makes a loan to Marie Co. and receives in exchange a three-year, $10,000 note bearing interest at 10 percent annually. The market rate of interest for a note of similar risk is 12 percent. Prepare the journal entry to record the receipt of the note? I know PV of Principle is N=3 I/Y=12 FV=10,000 and PV=7,118. but how do you solve Pv of Interests using a financial calculator? I know it is 2,402
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