Tech Magic Purchased a New Computer System and in Return

question 75

Multiple Choice

Tech Magic purchased a new computer system and in return signed a three-year $30,000 non- interest-bearing note payable. An investigation by the company's accountant revealed that similar notes have market rates of interest around 8%. At what amount should the note payable be initially recorded on Chi's financial statements?

• A) $25,771
• B) $30,000
• C) $23,815
• D) $25,770

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Mechanics

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Car Repairs

Refers to the services needed to fix or maintain a car's functionality and performance, from minor adjustments to major overhauls.

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