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On January 1, 2024, Sheridan Company issued for cash a $1,180,000, 3-year note bearing annual interest at 8% to Splish, Inc. The market rate of interest for a note of similar risk is 9%. What cash would have been recorded on the issue date of the note? (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971.) Click here to view factor table. Total Proceeds $

On January 1, 2024, Sheridan Company issued for cash a $1,180,000, 3-year note bearing annual interest at 8% to Splish, Inc. The market rate of interest for a note of similar risk is 9%. What cash would have been recorded on the issue date of the note? (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971.) Click here to view factor table. Total Proceeds $

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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On January 1, 2024, Sheridan Company issued for cash a $1,180,000, 3-year note bearing annual interest at 8% to Splish, Inc. The market rate of interest for a note of similar risk is 9%. What cash would have been recorded on the issue date of the note? (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971.) Click here to view factor table. Total Proceeds $
Transcribed Image Text:On January 1, 2024, Sheridan Company issued for cash a $1,180,000, 3-year note bearing annual interest at 8% to Splish, Inc. The market rate of interest for a note of similar risk is 9%. What cash would have been recorded on the issue date of the note? (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971.) Click here to view factor table. Total Proceeds $
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