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persist
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Posted: 27 May 2009 at 23:24 \| IP Logged

Jay
I think there was an earlier post in whcih Divya expalins this - dont have time to look for it now though

Also I dont think you should be taking the PV of payments for the note - it should be at historical cost $ 18,000. rest of the calculations are fine.

ysjd do you have the solution to this question??

jay_usa
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Posted: 27 May 2009 at 23:25 \| IP Logged

I know the answer . This is AICPA released 2009 question.

Answer is 24,980

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Jay CPA,CGMA,CITP,MBA

persist
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Posted: 27 May 2009 at 23:28 \| IP Logged

oh ok then you are right !!
I am messing up my concepts - sorry!

jay_usa
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Posted: 27 May 2009 at 23:32 \| IP Logged

No Problem.. This is the best way to learn..

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Jay CPA,CGMA,CITP,MBA

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