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Category > Accounting Posted 11 Dec 2017 My Price 10.00

Connor Corporation signed a $100,000 non interest-bearing note

On January 1, 2011, Connor Corporation signed a $100,000 non interest-bearing note due in three years at a discount rate of 10%. Connor elects to use the fair value option for reporting its financial liabilities. On December 31, 2011, Connor’s credit rating and risk factors indicated that the rate of interest applicable to its borrowings was 9%. The present value factors at 10% and 9% are presented below.

PV factor 10%, 3 periods .751

PV factor 10%, 2 periods .826

PV factor 10%, 1 period .909

PV factor 9%, 3 periods .772

PV factor 9%, 2 periods .842

PV factor 9%, 1 period .917

At what amount should Connor present the note on the December 31, 2011 balance sheet?

Answers

CourseLover
(12)
Status NEW Posted 11 Dec 2017 06:12 AM My Price 10.00

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