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Business, 14.11.2019 23:31 relexbuenaventura

On january 1, 2018, byner company purchased a used tractor. byner paid $9,000 down and signed a noninterest-bearing note requiring $35,000 to be paid on december 31, 2020. the fair value of the tractor is not determinable. an interest rate of 12% properly reflects the time value of money for this type of loan agreement. the company's fiscal year-end is december 31.

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