When a Note Payable Is Exchanged for Property, Goods, or Services

question 58

Multiple Choice

When a note payable is exchanged for property, goods, or services, the stated interest rate is presumed to be appropriate unless

• A) No interest rate is stated
• B) The stated interest rate is inappropriate.
• C) The stated face amount of the note is materially different from the current cash sales price for similar items or from current fair value of the note
• D) All of these answers are correct

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