Business, 28.01.2021 22:20, spellsaltoniza

On January 1, 2009, Simmons Company acquired a truck for a total cost of $20,000. The seller agreed to allow Simmons to pay for the truck over a two-year period at 10% interest with equal payments of $11,524 due at the end of 2009 and 2010. Determine the Carrying Value of the note on Simmons balance sheet as of December 31, 2009 (after the first payment has been made):

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On January 1, 2009, Simmons Company acquired a truck for a total cost of $20,000. The seller agreed...