Business, 27.02.2020 04:32, AkramMasoud

On January 1, year 2, London Corporation borrowed $500,000 on a 8%, noninterest‐bearing note due in four years. The present value of the note on January 1, year 2, was $367,500. London Corporation elects the fair value method for reporting its financial liabilities. On December 31, year 2, it is determined the fair value of the note is $408,150. At what amount should the discount on notes payable be presented on the balance sheet on December 31, year 2?

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On January 1, year 2, London Corporation borrowed $500,000 on a 8%, noninterest‐bearing note due in...