On january 1 2010 the long company signed a six-month , Ask an Expert

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On January 1, 2010, the Long Company signed a six-month, non-interest-bearing note payable for $160,000 and received $152,800 from Friendly Bank. On January 31, 2010, what amount should Long record for interest expense, and what is the net carrying value of the note?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M947026

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