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

question 40

Multiple Choice

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

• A)no interest rate is stated.
• B)the stated interest rate is unreasonable.
• 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)any of these.

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