(Answered) Hung-chao yu company issues an 8 6-year mortgage note on

Finance

Hung-Chao Yu Company issues an 8%, 6-year mortgage note on January 1, 2011 to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment payments of $85,242. What were the cash pro- ceeds received from the issuance of the note?

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